Washington State has joined a federal lawsuit against RealPage Inc., a property management software company. The lawsuit, which includes eight states, accuses RealPage of enabling a rent price-fixing scheme that has artificially driven up rental prices across the country. The lawsuit alleges that RealPage’s software has allowed landlords to coordinate rental prices, undermining competition and leading to inflated rents.
Impact on Seattle Renters
Seattle, already known for its high rental costs, has been particularly affected. The average rent for a two-bedroom apartment in Seattle is now $2,690, with prices increasing by 1.6% over the past year. This contrasts with the national trend of a slight decrease in rent prices. The lawsuit suggests that RealPage’s practices may have contributed to these rising costs, affecting an estimated 800,000 leases in Washington since 2017.
What This Means for Landlords
For landlords concerned about the implications of this lawsuit, working with a reputable property management company like Sound Point Property Management can help alleviate worries. Sound Point offers professional guidance and management services that ensure compliance with all regulations, protecting landlords while maintaining fair and competitive pricing strategies.
If you’re a landlord navigating the complexities of the rental market, partnering with Sound Point Property Management can help you stay informed and compliant while optimizing your rental income.
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