PESP statement on Department of Justice action against private equity landlord Blackstone for alleged rental price-fixing scheme

The Private Equity Stakeholder Project (PESP) supports a Department of Justice lawsuit against six major U.S. landlords, including private equity-owned firms Blackstone, Greystar Real Estate Partners, and Cortland Management, for allegedly using RealPage pricing algorithms to coordinate rents. PESP highlights Blackstone's role as the nation's largest landlord and cites a report showing that Blackstone increased rents by 38% in San Diego properties acquired in 2021, significantly exceeding the market average of 20%.

• The U.S. Department of Justice filed an amended antitrust complaint against RealPage and six of the largest U.S. landlords, including private equity-owned firms Blackstone, Greystar Real Estate Partners, and Cortland Management, for allegedly participating in a nationwide rental price-fixing scheme using pricing algorithms and direct competitor communication.
• Blackstone, which manages approximately 350,000 rental units, increased rents by 38% at 5,800 units acquired in the San Diego area in 2021, nearly double the 20% average market increase for the same period, with some buildings seeing increases up to 79%.
• Blackstone has communicated to investors that its real estate investments benefit from a declining supply of new housing, which is identified as a primary driver of the affordable housing crisis.

APA

Private Equity Stakeholder Project (2025). PESP statement on Department of Justice action against private equity landlord Blackstone for alleged rental price-fixing scheme. https://pestakeholder.org/news/pesp-statement-on-department-of-justice-action-against-private-equity-landlord-blackstone-for-alleged-rental-price-fixing-scheme/

Chicago

Private Equity Stakeholder Project. PESP statement on Department of Justice action against private equity landlord Blackstone for alleged rental price-fixing scheme. 2025. https://pestakeholder.org/news/pesp-statement-on-department-of-justice-action-against-private-equity-landlord-blackstone-for-alleged-rental-price-fixing-scheme/.

Wikipedia

{{cite press release |author=Private Equity Stakeholder Project |title=PESP statement on Department of Justice action against private equity landlord Blackstone for alleged rental price-fixing scheme |date=14 January 2025 |url=https://pestakeholder.org/news/pesp-statement-on-department-of-justice-action-against-private-equity-landlord-blackstone-for-alleged-rental-price-fixing-scheme/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{privateequitystakeholderproject2025pesp, author = {{Private Equity Stakeholder Project}}, title = {{PESP statement on Department of Justice action against private equity landlord Blackstone for alleged rental price-fixing scheme}}, publisher = {Private Equity Stakeholder Project}, year = {2025}, month = jan, url = {https://pestakeholder.org/news/pesp-statement-on-department-of-justice-action-against-private-equity-landlord-blackstone-for-alleged-rental-price-fixing-scheme/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }