Do you live in one of these Fort Worth apartments? You may be entitled to compensation
Nine of the country’s largest property management companies are being sued after a ProPublica investigation found a Richardson-based company was behind unprecedented rent hikes at many apartment complexes — which include properties in Fort Worth.
An investigation by nonprofit investigative news site ProPublica found RealPage, which sells software to suggest prices for available units, uses an algorithm that analyzes data from clients and competitors. The algorithm then recommends rent prices, thus removing the human element of reaching a price agreement. RealPage discourages negotiating with renters; in fact, one of the algorithm’s developers told ProPublica leasing agents had “too much empathy” compared to algorithm-based pricing.
RealPage became the primary player in the rent price setting software game when it acquired rival Lease Rent Options in 2017.
As a result of the investigation, renters filed a class action lawsuit against RealPage and nine large property managers, alleging the software allows landlords to coordinate rent pricing, ProPublica reported. The lawsuit was filed in U.S. District Court in San Diego less than a week after the investigation was published Oct. 15.
The companies named in the lawsuit are: Greystar Real Estate Partners, Lincoln Property Co, FPI Management, Mid-America Apartment Communities, Avenue5 Residential, LLC, Equity Residential, Essex Property Trust, Thrive Communities Management and Security Properties.
Four of the nine companies own more than 60 apartment complexes in and around Fort Worth, like Greystar Real Estate Partners, which owns Encore Panther Island.
Brittany Prince, who works in the leasing office at Encore Panther Island, said she’s used RealPage at almost every community she’s worked at during her 12 years in the industry.
In her experience, customers accept the software-proposed price. Sometimes, customers negotiate, at which point leasing employees like Prince reach out to the corporate office.
“Sometimes it goes up 3%. I’ve seen it go up as much as 20%. It’s just like airline ticket,” she said.
She’s really only seen those steep price hikes at a new building, which may offer cheaper rents in the beginning of operation and proceed to raise them.
“People were paying them,” she said. “That’s just how the market had gone.”
In a written statement, RealPage said the company disagrees with the conclusions of the report.
“There is a housing supply shortage and that alone drives prices higher,” the statement read. The company “strongly denies the alliegations and will vigorously defend against the lawsuit.”
Greystar Real Estate Partners, Lincoln Property Company, Mid-America Apartment Communities and Avenue5 own properties in the Fort Worth area. Representatives of the companies did not respond to a requests for comment.
FPI Management, Equity Residential, Essex Property Trust, Thrive Community Management and Security Properties do not own properties in Fort Worth.
Greystar Real Estate Partners also manages these Fort Worth apartments:
Historic Electric Building Apartments at 410 W Seventh St.
The Huntley at 904 E. Weatherford St.
Burnett Lofts at 1012 Burnett St.
Encore Panther Island at 447 N. Main St.
Jameson at the Bluffs at 701 N. Hampton St.
Broadstone on Trinity at 1701 Rogers Road
Grandmarc at Westberry Place at 2855 W. Bowie St.
Overture River District at 4851 Scott Road
Overture Ridgmar at 6755 Ridgmar Blvd.
Eastbank at Waterside 5828 Arborlawn Drive
Atlas Waterside at 3964 Watercourse Drive
Avana River Park 3450 River Park Drive
Siena Apartments 5230 Bryant Irvin Road
Elan Keller Ranch at 5701 Bovine Drive
Prose Fossil Creek at 1350 N. Blue Mound Road
Album Benbrook at 8601 Cook Ranch Road
Enclave at Hometown at 8601 Ice House Drive
The Oakley at 501 Green Oaks Court
Westhouse Apartment Flats at 11325 Park Vista Blvd.
101 Center at 101 S. Center St.
Current at the Grid at 724 Polk Drive
Amp at the Grid at 765 Polk Drive
Overture Highlands at 250 W Arbrook Blvd.
Residences on Lamar at 1224 E Lamar Blvd.
The Louise Townhomes at 4151 Viridian Village Drive
Album Keller Ranch at 5640 Keller Ranch Road
The Lyric at Keller Center Stage at 1400 N. Main St.
The Holston at 3301 Keller-Haslet Road
Album Mansfield at 1350 FM 157
Avenue 900 at 900 Grange Hall Drive
The Preserve at 101 E. Glade
Marlowe Grapevine at 4501 State Highway 360
The Atwell at 2100 East Broad St.
Overture Flower Mound at 2771 Lakeside Parkway
Grapevine TwentyFour 99 at 3601 Grapevine Mills Parkway
301 Flower Mound at 301 Silveron Blvd.
Eleven11 Lexington at Flower Mound at 1111 Lexington Avenue
Scenic at River East at 999 Scenic Hill Drive
Eastbank Riverwalk at 3900 Riverwalk Drive
Lincoln Property Company manages these Fort Worth-area apartments:
The Kelton at Clearfork at 4945 Gage Drive
The Canyons at 2751 River Park Drive
Aspire Fossil Creek at 3600 Basswood Blvd.
Legends at Eagle Mountain Lake at 9685 Boat Club Road
Arthouse at 251 Town Center Lane
Overlook Ranch at 3101 Alliance Gateway Freeway
Villas Di Lucca at 1601 East Debbie Lane
Vine South at 2251 Hall Johnson Road
Park Central at Flower Mound at 4200 Broadway Ave.
BB Living Harvest at 1720 Laurel Lane
Canvas at Denton at 1509 Canvas Way
Residences at the Union at 2211 W Hickory St.
The Vista at Rayzor Ranch at 2401 Linden Drive
Mid-America Apartment Communities manages these Fort Worth-area apartments:
MAA Lowes Farm at 1400 N State Highway
MAA Bear Creek at 1200 Fuller Wiser Road
MAA Willow Creek at 2801 Airport Freeway
MAA Grapevine at 2300 Grayson Drive
MAA Shoal Creek at 2500 Central Park Blvd.
Avenue5 Residential manages these Fort Worth-area apartments:
Presidio at River East at 2413 Race Street
The Dylan at 5344 Sycamore School Road
Aura Benbrook at 301 Mercedes St.
Aura Watson Branch at 311 Watson Branch Lane
Rosemont at Mayfield Villas at 2002 Mayfield Villa Drive
