Camden Property Trust (CPT) has issued a response to the lawsuit filed by the U.S. Department of Justice, expressing disagreement with the accusations detailed in the revised complaint against RealPage, which now includes Camden and other firms as defendants. Camden announced its intention to robustly defend itself and to seek dismissal of the case.
In its statement, Camden reaffirmed its commitment to improving the experiences of its employees, residents, and shareholders. Since its founding, Camden has been dedicated to providing exceptional living standards for its residents. The allegations from the Department of Justice predominantly refer to actions from the COVID-19 pandemic era, during which Camden chose not to increase renewal rates, forgave late fees, suspended evictions, and uniquely provided over $10 million in direct financial assistance to residents, with no conditions attached. This support was offered prior to any federal, state, or local governmental financial aid for the pandemic.
On the same day, the U.S. Justice Department, along with state co-plaintiffs, submitted an updated complaint as part of its antitrust lawsuit against RealPage and six major landlords. The lawsuit charges these landlords with engaging in algorithmic pricing practices that negatively impacted renters.
The revised complaint claims that the companies—Greystar Real Estate Partners LLC, Blackstone's LivCor LLC, Camden Property Trust, Cushman & Wakefield Inc, Pinnacle Property Management Services LLC, Willow Bridge Property Company LLC, and Cortland Management LLC—engaged in an illegal scheme to limit competition in apartment pricing, adversely affecting millions of renters across the United States. Collectively, these landlords manage over 1.3 million units in 43 states and the District of Columbia. The Attorneys General of Illinois and Massachusetts have joined the amended complaint, bringing the total number of state and commonwealth co-plaintiffs to ten.
Additionally, the Justice Department has filed a proposed consent decree with Cortland, which requires the landlord to collaborate with the government, cease using competitors' sensitive data for rent setting, and discontinue using the same algorithm as its competitors unless overseen by a corporate monitor.
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