More big landlords and property managers are getting hauled into court over alleged rent-fixing. I recently reported on a lawsuit against RealPage and institutional landlords who use the company's YieldStar rent-setting platform. Now there are similar allegations against Yardi Systems and 18 property management companies.
Seattle-based law firm Hagens Berman filed the lawsuit accusing Yardi and the property management firms of a scheme to fix apartment rents nationwide. The attorneys say that the companies used Yardi's RENTmaximizer tool to automatically raise rents so they wouldn't compete with each other. That eliminated the need for discounts and other move-in deals to entice tenants...
