A coalition of nine state attorneys general announced on Thursday, June 18, 2026, that corporate landlord LivCor, LLC has agreed to pay $7 million to settle claims that it used pricing software to coordinate apartment rents with competitors and keep them artificially high. The deal, announced by California Attorney General Rob Bonta as part of a bipartisan coalition of nine attorneys general, resolves allegations tied to the revenue-management software built by RealPage, LLC, and is subject to court approval.
LivCor is the Chicago-based apartment investment and management arm of private-equity giant Blackstone, and one of the largest residential landlords in the country. The settlement makes it the latest of several major property managers to break away from a sprawling case over algorithmic rent-setting.
At the center of the dispute is how RealPage’s software worked. According to the states, landlords understood that their nonpublic data would be used to recommend prices not just for their own units, but also for competitors who use the program, and agreed to provide that information because they understood they would benefit from their rivals’ data. The landlords are accused of sharing nonpublic information about rents, occupancy, pricing strategies, and discounts. In effect, the states say, rivals who should have been competing for renters were quietly setting prices off one another’s confidential numbers.
The result, regulators allege, was rents that stayed higher than a normal market would have produced. The conduct interfered with the normal competitive process and enabled landlords to keep prices higher, even in conditions when landlords naturally would lower prices. When vacancies rise, landlords would ordinarily cut prices to fill empty units; the states say the software steered competing landlords to hold or raise rents instead, leaving renters with little choice but to pay more.
Under the proposed settlement, LivCor agrees to several binding changes. It must cease using any revenue-management software that uses competitors’ nonpublic pricing data to generate rent recommendations — it has already stopped using RealPage software — refrain from sharing competitively sensitive pricing information with rivals, establish an antitrust compliance and training program, and accept a court-appointed monitor if it uses a third-party pricing algorithm that is not certified pursuant to the terms of the consent decree. The company also agreed to cooperate in the ongoing prosecution of RealPage and other defendant landlords.
The $7 million will be split among the participating states to cover costs and fund future enforcement. Colorado, for example, will receive $841,500 to be used for reimbursement of costs and fees, future consumer-protection or antitrust enforcement, consumer education, or public-welfare purposes. In California, LivCor managed approximately 57 multifamily rental properties that used the RealPage software; in Oregon, the figure was about 1,649 units.
The agreement is the third the coalition has reached in this litigation. The attorneys general previously settled with Cortland in April 2025 and reached a separate $7 million settlement with Greystar in November 2025. LivCor had also settled a parallel federal case with the U.S. Department of Justice in December 2025, meaning it has now resolved claims on two fronts.
The broader case is large. The Justice Department and a coalition of state enforcers first sued RealPage in August 2024, alleging the company aggregates landlord data to generate pricing recommendations that let property owners coordinate rents, and in January 2025 expanded the case to include six landlords that collectively operate more than 1.3 million residential units across 43 states and the District of Columbia. The scrutiny has already reshaped the market: RealPage’s software has been banned in more than 10 major cities and statewide in New York and California, two of the largest rental markets in the country.
For now, the fight is far from finished. The underlying litigation brought by the states and the Justice Department remains active against RealPage and the remaining property-management defendants — Camden, Pinnacle, and Willow Bridge. State officials said peeling off settlements one company at a time helps dismantle the data-sharing network while building pressure for the larger case.
The stakes are most concrete for renters. Housing has been one of the most stubborn drivers of inflation, and the case turns on a plain question with real consequences for household budgets: whether software quietly helped competing landlords push monthly rents above what an open market would have charged. As North Carolina Attorney General Jeff Jackson put it, the aim is to level the playing field so that consumers pay affordable rents.
JBizNews Desk | Washington
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