Property management software company Yardi Systems Inc. and more than a dozen multifamily property owners are facing an antitrust suit accusing them of conspiring to inflate the price of rental properties nationwide.
Plaintiff Mckenna Duffy, a Washington state resident and renter of units managed by defendant Pillar Properties LLC, alleged the property owners colluded by using Yardi’s “RENTmaximizer,” an algorithmic pricing tool designed to increase rents, according to a proposed class action filed Friday in the US District Court for the Western District of Washington.
Santa Barbara, Calif.-based Yardi was founded in 1984 and has grown to become the leading ...
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