DOJ lawsuit against Thoma Bravo’s RealPage set to continue

Thoma Bravo-owned RealPage, which creates software programs for property management and real estate, is the subject of over 30 class action lawsuits along with a lawsuit by the Department of Justice (DOJ) and a bi-partisan group of state Attorneys General due to accusations of creating a rental monopoly through facilitating price-setting schemes across different competing landlords. In January 2025, the Department of Justice decided to name 6 additional defendants in the lawsuit including the private equity landlords Blackstone, Cortland, and Greystar. In December 2024, RealPage filed a motion to dismiss the case. As of March 2025, the most recent update on the RealPage lawsuits is the DOJ’s response to this motion.

With the appointment of a new head of the DOJ, Attorney General Pam Bondi, it was unclear if the 2024 lawsuits against RealPage would continue. Bondi’s past anti-trust work and recent commitment to make antitrust a “priority,” in her new position could ensure that the case moves forward.

Perhaps the strongest sign that the lawsuits will continue is the DOJ’s response to RealPage’s motion to dismiss. In its argument, the DOJ stated that “RealPage’s motion to dismiss fails both factually and legally.” It continued, arguing that the motion “attempts to dispute—often by mischaracterizing—the well-supported factual allegations in the complaint, which must be accepted as true at this stage.” In its response the DOJ also argued that RealPage knowingly engaged in collusion when it provided opportunities for competing landlords to share rental prices yet declined to share this information with renters.

In an effort to ensure that the new Department of Justice lawsuit against RealPage continues, on March 11th Arizona Attorney General Kris Mayes wrote a letter to Attorney General Bondi. In her letter, AG Mayes stated that “protecting renters from price-gouging and market manipulation should be a bipartisan priority.” Discussing the cities of Phoenix and Tuscon, Mayes argued that the increase in rent by 76% in the city of Phoenix since 2016, and an increase in Tuscon rent by 30% in recent years can be traced to “illegal actions that manipulated the housing market.” In addition to signing onto the DOJ lawsuit, AG Mayes also is pursuing her own individual suit for the state of Arizona against the corporation. Accusing RealPage’s alleged price fixing scheme of creating a “de facto rental monopoly,” and driving “up housing costs for working families,” AG Mayes stated that “The DOJ must send a clear message: collusion in the housing market will not be tolerated.”

The DOJ’s response to RealPage along with AG Mayes’ letter shows that important actors are still continuing to push for the corporation to be held accountable. With the lawsuits still currently in place under a new presidential administration, it appears as though the lawsuits against RealPage and the landlords who utilize it will continue.

Investors in Thoma Bravo should hold RealPage accountable by demanding that they drop the price-sharing components of their software. Continued investment into the firm could also pose a financial risk if the numerous lawsuits against RealPage are successful.