Skip Navigation

Rent monopoly crackdown continues as FBI raids corporate landlord for 18 Arizona properties

coppercourier.com Rent monopoly crackdown continues as FBI raids corporate landlord for 18 Arizona properties

The federal investigation runs parallel to a price-fixing lawsuit by the Arizona Attorney General against 400 other apartment complexes in the state.

Rent monopoly crackdown continues as FBI raids corporate landlord for 18 Arizona properties

Federal agents raided a property management company operating in Arizona as part of an investigation into price-fixing rent, marking a distinct escalation in the renewed push to enforce consumer protection laws.

Cortland, an Atlanta-based property management company, joins nine other real estate conglomerates under investigation for creating a rental monopoly, resulting in rents across Arizona going up by more than 30% since 2022. The common thread between the 10 is RealPages, a co-defendant and consulting firm whose software they utilized to determine the maximum amount rent could be raised, then doing so in tandem in a manner Arizona Attorney General Kris Mayes has characterized as monopolistic.

“The conspiracy allegedly engaged in by RealPage and these landlords has harmed Arizonans and directly contributed to Arizona’s affordable housing crisis,” said Mayes. “This conspiracy stifled fair competition and essentially established a rental monopoly in our state’s two largest metro areas.”

28
28 comments
You've viewed 28 comments.