Several property owners have been accused of illegally raising rental prices, charging more than they should have. This unfair practice can make it hard for renters who are already trying to afford their living expenses. If you rented an apartment between October 18, 2018, and now, you might be able to get money back for any extra rent you paid. Many renters are unaware that they could be entitled to financial compensation for being overcharged. Understanding your rental history during this time is crucial to finding out if you qualify for compensation and learning what steps to take next.
Since late 2022, renters and attorneys general have filed over 30 lawsuits against companies like Yardi, RealPage, and various multifamily providers in state and federal courts. These lawsuits allege that the price-setting software provided or used by these companies enables competitors to collude on rent prices. RealPage is also under a criminal investigation by the Department of Justice and state attorney generals. In a statement, RealPage said that its customers “always have 100% discretion to accept or reject software price recommendations” and are never punished for declining recommendations. However, a lawsuit filed last year by Washington, D.C., Attorney General Brian Schwalb claimed that the company policed its contracts and that landlords followed its suggested rents more than 90% of the time.
Knowing and standing up for your rights as a renter is very important. Unfair rental practices can hurt your finances, but there are ways to get help. Learning about your rights and the actions you can take will help you be prepared. Legal measures are available to assist renters in seeking compensation for overpaid rent due to illegal price increases. It’s also important to share this information with friends and family who might be affected. The more people know about these unfair practices, the better equipped they will be to take action. By staying informed, you can help ensure that property owners are held responsible and that renters get the support they need.