A lawsuit filed by D.C. Attorney General Brian Schwalb over alleged artificial rent inflation will hit some of the region’s biggest landlords, including companies with properties in Alexandria, DCist first reported.
Schwalb’s lawsuit alleges the landlords of acting as a rent-setting cartel that use Texas-based property management software company RealPage to artificially drive up rent prices around the region.
According to the lawsuit:
In practice, RealPage has focused on recruiting into the cartel the buildings with the largest number of units (i.e., buildings with fifty or more units). In the District, a sizable
majority of units in large multifamily buildings — approximately 60% — set their prices using RealPage’s RM software.
In the Washington-Arlington-Alexandria Metropolitan Statistical Area, that number is even higher: over 90% of units in large buildings are priced using RealPage’s RM software.
As a practical matter, this leaves many District residents with no choice but to pay RealPage’s inflated rents.
The largest defendant in the lawsuit is Greystar, which manages six communities across Alexandria and uses RealPage RM Software for pricing:
- Bailey’s Crossings Apartments
- Del Ray Tower at Fuse
- Station 650 Apartments
- The Blake
Other defendants in the lawsuit include Avenue5 Residential, which owns e-lofts in the West End, and Avalon Communities, which owns Avalon Potomac Yard. Another developer in the lawsuit, JBG Smith, has been part of plans to redevelop Potomac Yard.
“RealPage, the Defendant Landlords, and other Participating Landlords have unlawfully agreed to forgo competition in favor of using a central entity — the RealPage RM Software — to set apartment rents,” the lawsuit said “Their agreement is reflected in existing documents, has been
publicly acknowledged by cartel members, and is closely policed to ensure compliance.”
The lawsuit said RealPage suppresses landlords’ independent price decision-making and requires the landlords to impose rents generated by the company’s software. Landlords using the software have touted their ability to raise rents by 20% or more, the lawsuit said.
The lawsuit comes on the heels of years of rent increases, with many of the defendants in the lawsuit owning the Class A apartments in Alexandria that have seen an average 4.7% rent increase over the last year.
Image via The Blake/Facebook
It’s been a busy week in Alexandria. Just days after Alexandria’s City Council voted unanimously to ditch single-family-only zoning, Mayor Justin Wilson announced that he would not be running for…
The days of digging through archives by address to find a historical report on a building in Alexandria could, themselves, be a thing of the past. Anyone can now easily…
Friends of Guest House needs pajamas and cozy socks for their female residents who are transitioning back to the community from prison. Realtor Maureen Clyne started the annual effort four years ago…
A 4 BD/2.5 BA home with a gas fireplace, patio and a large landscaped yard is included in Just Listed.
Get ready to Shake, Rattle and Roll with this one-of-a-kind, high-octane rockabilly concert experience! Rockabilly Rumble is the all-new, musical experience celebrating the southern rock music that exploded on the scene in the 1950s. Organized by Alexandria City High School Alum and pro-musician Sam C. Jones, this band of world-class performers will have you dancing in your Blue Suede Shoes all night long with songs made famous by Bo Ridley, Carl Perkins, Roy Orbison, Buddy Holly, Johnny Cash, Elvis Presley and more. Relive their most popular hits, along with some forgotten gems. “Rockabilly Rumble” is a dance-worthy, foot stomping evening you’ll never forget!
This show is 21+ only.
YOU MUST HAVE A VALID PHYSICAL ID. A PICTURE OF YOUR ID IS NOT ACCEPTABLE.
Unwrap the magic of Black Friday and Small Business Saturday all weekend at Current Boutique! Dive into luxury with exclusive deals on pre-loved designer treasures, celebrating sustainable fashion with every purchase. Whether in-store or online, indulge in guilt-free glamour and support local businesses. ✨🛍️👗
💥 Sale: 25% off everything & 50% off tall boots
📅 Date: Friday November 24 – Sunday November 26