Latest news with #CortlandManagementLLC
Yahoo
17-04-2025
- Business
- Yahoo
AG reaches settlement on use of RealPage software
RALEIGH — North Carolina's Attorney General Jeff Jackson reached a settlement with Cortland Management LLC, one of the landlords he sued in January for illegally working with other landlords and using RealPage's AI software to raise North Carolinians' rents. Cortland is the second-largest North Carolina landlord of the ones Jackson sued, with more than 5,000 units. Once the settlement is entered by the court, Cortland will stop using non-public data from other landlords, either through RealPage's software or by other means, to set rents, making this one of the first settlements to restrict a major landlord from unlawfully using RealPage, according to a release. 'Today's settlement means one less landlord is using RealPage's unlawful AI software to charge North Carolinians unfair rents,' Jackson said. 'We're going to keep fighting this case to make sure all landlords and property managers play by the rules and people can afford rent.' As a result of this settlement with Jackson and Colorado's AG Philip J. Weiser, Cortland will: * Stop using sensitive data from its competitors to inform its pricing model. * Not use third-party software or algorithms to price apartments, unless they do so under the supervision of a court-appointed monitor. * Cease sharing or using any competitively sensitive data from other landlords and property managers to set rent prices or generate recommended rent prices. The agreement requires Cortland to report on its efforts to comply with the consent judgment, allows the attorneys general to conduct inspections to ensure Cortland is in compliance, and, if necessary, permits the AGs to enforce the terms of the agreement in court or extend the term of the agreement. Jackson's case from Jan. 7 against the other five landlords and software company RealPage continues. It includes AGs from California, Connecticut, Illinois, Massachusetts, Minnesota, Oregon, Tennessee and Washington. Jackson is suing RealPage for allegedly exploiting landlords' competitively sensitive information to create a pricing algorithm that inflated rent prices and violated antitrust laws. Jackson alleges that these landlords communicated with RealPage and each other to share non-public information about rent prices, occupancy, strategies for setting rents, and discounts — resulting in higher prices for rent than competitive market forces would have set. These landlords own or manage more than 70,000 units throughout the state. The alleged illegal conduct harms North Carolinians who are struggling to pay rent and stay in their homes as rental prices increase, and they harm landlords who are trying to play fairly and follow the rules, according to the release.
Yahoo
15-04-2025
- Business
- Yahoo
One less landlord in NC using controversial rent-setting software after AG settlement
RALEIGH, N.C. (QUEEN CITY NEWS) — Attorney General Jeff Jackson announced a win this week in his ongoing fight to keep rent prices fair across North Carolina. On Tuesday, his office announced a settlement with Cortland Management LLC, one of the largest landlords in the state, to stop using RealPage's controversial rent-setting software. Cortland, which owns more than 5,000 rental units in North Carolina, for allegedly working together to artificially inflate rents using RealPage's AI-driven pricing tool. MORE: NC Attorney General launches initiative to deter property theft, aid rebuilding The lawsuit claims the software allowed landlords to share sensitive, non-public data with each other, leading to higher rents than what the market would normally dictate. 'Today's settlement means one less landlord is using RealPage's unlawful AI software to charge North Carolinians unfair rents,' Jackson said. 'We're going to keep fighting this case to make sure all landlords and property managers play by the rules and people can afford rent.' MORE: NC attorney general takes legal action against DHHS, RFK Jr. over health care cuts The agreement requires Cortland to: Completely stop using competitors' private data to set rental prices Avoid using third-party rent-pricing software or algorithms, unless it's under a court-appointed monitor Do not share or receive sensitive pricing data with other landlords or property managers The settlement also gives the AG's Office oversight powers. Cortland must report on its compliance, and the state can inspect its operations and even go back to court if necessary. Attorney General Jackson's bipartisan legal battle continues against RealPage and five other major landlords who they say collectively manage over 70,000 rental units across North Carolina. The lawsuit accuses them of violating antitrust laws by conspiring to raise rent prices through shared data and coordinated strategies, all behind the scenes. The AG argues this kind of behavior hurts renters already struggling with high prices and undermines honest landlords. Cortland Management LLC manages several properties across the Charlotte area. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
