AI Frontier Institute

United States of America, et al. v. RealPage, Inc., et al.; Proposed Final Judgment and Competitive Impact Statement

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The Department of Justice Antitrust Division published FR Doc. 2026-14345 (Vol. 91, No. 135, July 16, 2026) giving notice, pursuant to 15 U.S.C. 16(b)-(h), of a proposed Final Judgment, Stipulation, and Competitive Impact Statement filed on July 6, 2026 in United States et al. v. RealPage, Inc. et al., Civil Action No. 1:24-cv-00710 (M.D.N.C.). The original Complaint was filed August 23, 2024; an Amended Complaint adding Willow Bridge Property Company, LLC and five other property managers as defendants was filed January 7, 2025. The government alleges that RealPage sold revenue management software—principally AI Revenue Management (AIRM) and YieldStar—that collected nonpublic, competitively sensitive transactional data (executed rents, lease terms, occupancy, renewal offers, future vacancy) from competing landlords including Camden Property Trust, Cortland Management, Cushman & Wakefield, Greystar Real Estate Partners, LivCor, Pinnacle Property Management Services, and Willow Bridge, covering millions of units. RealPage combined that data and fed it into algorithms that issued daily pricing recommendations back to all participating landlords, effectively replacing independent price competition with coordinated pricing. RealPage's internal documents state the goal was to help landlords 'avoid the race to the bottom in down markets' and acknowledged that with broad adoption landlords would 'likely move in unison versus against each other.' RealPage controls at least 80% of the commercial revenue management software market by its own estimates. The Amended Complaint alleges violations of Sections 1 and 2 of the Sherman Act, 15 U.S.C. 1 and 2. The proposed Final Judgment applies solely to settling defendant Willow Bridge and bars it from: (1) licensing or using any third-party revenue management product that uses external nonpublic competitor data in its runtime operation or model training (Paragraph V.A); (2) pooling nonpublic data across properties with different owners (Paragraphs IV.A-B, V.A); (3) disclosing, soliciting, or using competitors' competitively sensitive information to set rental prices, including through call-arounds, market surveys, shared documents, or industry meetings (Paragraph VI.A); and (4) attending RealPage user-group meetings (Paragraph VI.D). Willow Bridge must adopt a written antitrust compliance policy within 30 days, designate a chief antitrust compliance officer, conduct annual employee training and audits, and submit annual certifications from its General Counsel (Section VII). Willow Bridge must cooperate with the United States in the ongoing litigation against remaining defendants, including making up to 15 employees available for voluntary interviews totaling up to 60 hours (Section VIII). If Willow Bridge uses a non-RealPage third-party revenue management product without obtaining a required vendor certification, or if a court finds it violated the Final Judgment, the Court may appoint an independent monitor at Willow Bridge's expense (Section IX). The Final Judgment expires five years after entry but may be terminated after three years if the United States notifies the Court continuation is no longer in the public interest (Section XIV). Public comments are invited within 60 days of publication and should be directed to Danielle Hauck, Acting Chief, Technology and Digital Platforms Section, Antitrust Division, 450 Fifth Street NW, Suite 7100, Washington, DC 20530.

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