DOJ’s Proposed Settlement With Property Manager Targets Algorithmic Pricing Coordination In Rental Housing

On July 6, 2026, the U.S. Department of Justice's (DOJ) Antitrust Division filed a proposed consent decree with Willow Bridge Property Company LLC in connection with its ongoing enforcement action against RealPage Inc. and several large property management companies. Filed in the U.S. District Court for the Middle District of North Carolina, the settlement resolves allegations that Willow Bridge violated Section 1 of the Sherman Act by sharing competitively sensitive data with competitors through RealPage's algorithmic pricing tools and by agreeing to align rental pricing with competing landlords. Willow Bridge did not admit wrongdoing. Under the proposed final judgment, the parties consented to the settlement’s entry without the taking of testimony, without trial or adjudication of any issue of fact or law, and without the final judgment constituting evidence against or an admission by any party as to any issue of fact or law in the action.

Key Takeaways

• The proposed consent decree restricts Willow Bridge from using algorithms that rely on competitors' nonpublic, competitively sensitive data or that pool such data across properties with different owners. The decree prohibits sharing competitively sensitive information with competitors through any channel, and attendance at RealPage-hosted meetings of competing landlords is prohibited.
• Companies in any industry that use third-party pricing software, especially platforms that aggregate data across competing users, should consider whether their arrangements raise similar concerns.

Background

Willow Bridge is a residential property manager headquartered in Dallas, Texas, that manages over 240,000 multifamily rental units across the United States. The company licensed revenue management products called AI Revenue Management and YieldStar from RealPage, a technology company that provides pricing software to landlords. RealPage licenses these same products to Willow Bridge's competitors, and the products generate pricing recommendations using competitively sensitive data (such as executed rents, concessions, occupancy rates, lease terms and lease expirations) collected from competing landlords.

On August 23, 2024, the DOJ and, through their respective attorneys general, North Carolina, California, Colorado, Connecticut, Minnesota, Oregon, Tennessee and Washington filed a civil antitrust complaint against RealPage in the U.S. District Court for the Middle District of North Carolina. On January 7, 2025, the complaint was amended to add Willow Bridge and five other property management companies as defendants, alleging that they violated Section 1 of the Sherman Act by unlawfully sharing their confidential, competitively sensitive information with RealPage for use in their own and competing landlords' pricing. The government alleges that this shared data flowed through a common algorithmic pricing model that had the effect of aligning pricing decisions among competing landlords, thus eliminating competition and harming renters.

The Willow Bridge settlement follows consent decrees the DOJ reached with RealPage and three other landlord defendants (Cortland Management LLC, Greystar Management Services LLC and LivCor LLC), making Willow Bridge the fifth settling defendant in this action.

Proposed Settlement Terms

If accepted by the court, the proposed consent decree would impose a five-year compliance term with the possibility of early termination after three years if the DOJ determines continued oversight is no longer necessary. The decree includes the following principal requirements and restrictions:

Software Restrictions

Neither Willow Bridge's proprietary tool nor any third-party pricing software it uses may rely on competitors' nonpublic data, pool data across different property owners or set price floors based on competitors' information.

Information-Sharing Ban

The company cannot disclose, request or use competitively sensitive data from competitors to set prices, regardless of the communication channel.

Compliance Program

Willow Bridge must adopt a DOJ-approved antitrust compliance policy, appoint a DOJ-approved compliance officer, conduct annual audits and submit yearly certifications that are in compliance under penalty of perjury. Under certain circumstances, the proposed final judgment will require Willow Bridge to obtain certification from new third-party suppliers of revenue management products that their products comply with the terms of the proposed final judgment or the Real Page final judgment.

Monitor

The DOJ may appoint an independent monitor at Willow Bridge's expense if it uses an uncertified third-party pricing tool or violates the decree.

Cooperation and Enforcement

The company must cooperate with the DOJ's case against remaining defendants and permit inspection of its documents and software code; the DOJ may enforce violations for up to four years after the decree expires.

Private Actions

Private antitrust damage actions remain available to injured parties; the proposed final judgment cannot be used as proof of a violation in any subsequent private lawsuit.

Conclusion

This proposed settlement carries implications beyond rental housing. Companies in any industry that use third-party pricing software, especially platforms that aggregate data across competing users, should consider whether their arrangements raise similar concerns. In addition to these algorithmic pricing tools, companies that rely on industry benchmarks or data aggregation services should review their existing data-sharing arrangements and software contracts with experienced antitrust counsel.

For More Information

If you have any questions about this Alert, please contact Sean P. McConnell, Brian H. Pandya, Christopher H. Casey, Kirk Williams McLeod, any of the attorneys in our Antitrust and Competition Group or the attorney in the firm with whom you are regularly in contact.