The Settlements That Are Rewriting Rent Pricing Software

• Code collusion: The RealPage lawsuits have become a landmark test of whether algorithms can turn data-driven efficiency into price fixing.

• Flex flop: WeWork India’s lukewarm IPO shows that investors are still wary of co-working’s comeback story.

• Luxury angle: Flatiron Building’s $380 million condo conversion debuts with $11-$50 million listings and celebrity broker buzz.

• Multifamily webinar: Centralization is helping apartment owners cut costs, reduce risks, and improve resident experiences. Sign up

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Multifamily

The Settlements That Are Rewriting Rent Pricing Software

The RealPage lawsuits have become the defining test case for algorithmic antitrust in housing. What began as scattered tenant claims and investigative reporting has evolved into a national reckoning over whether rent-pricing software can unintentionally coordinate competition. The stakes are enormous—not just for RealPage and its landlord clients, but for the broader question of how machine-learning tools interact with market behavior. The Justice Department’s 2024 complaint frames the issue starkly: can data-driven recommendations become a mechanism for collusion?

Settlements are already reshaping the market. Greystar, Cortland, and other major property managers have agreed to restrict or abandon certain revenue-management practices, while Nevada struck a deal directly with RealPage to limit its data use. A recent $141 million class settlement adds more pressure, signaling that plaintiffs and regulators are extracting both money and meaningful business-practice changes faster than the courts can rule. Together, these agreements are setting de facto rules for how pricing software may handle non-public rent data.

Yet the central legal fight endures. The DOJ’s case continues, joined by state attorneys general from Washington to New Jersey, each pursuing parallel actions that test the line between optimization and coordination. Behind the courtroom language is a deeper shift: technology firms that touch pricing, housing, or any sensitive market can no longer assume innovation grants immunity. Whatever the ultimate verdict, RealPage’s story marks the moment when algorithms themselves became subjects of antitrust law.

Overheard

WeWork Brand Under More Stress as India IPO Struggles to Gain Traction

WeWork India’s IPO got off to a tepid start: the $36 million offering was only 4% subscribed on the first day of trading. That’s a sharp contrast to hype-level expectations and suggests that investor confidence in the WeWork model, at least in India, is still fragile. The offering is purely an offer for sale, meaning no fresh capital flows into the business. Instead, existing shareholders (Embassy Group and WeWork’s affiliate) are converting paper into liquidity.

The origins of WeWork India make this all the more interesting. The Indian unit was set up in 2017 as a joint venture between U.S.-based WeWork (initially minority) and Bengaluru real estate firm Embassy Group. Over time, it grew with more localized discipline, careful site selection, and a reduced royalty/management fee relationship to the global parent. After WeWork Inc. went through bankruptcy, its global brand weakness didn’t fully infect the India unit, which had been partially insulated. In 2024, the U.S. parent exited India entirely, selling its stake, while the Indian entity proceeded independently.

So what does this mean for WeWork and co-working more broadly? First, even as flex office is rebounding post-pandemic, investor tolerance for fixed long leases, operating risk, and opaque revenue dynamics is lower. The underwhelming subscription signals that the brand’s liabilities—overexpansion, headline losses, volatility—still loom large.

Second, this IPO test could recalibrate expectations for co-working valuation multiples. If investors demand proof of profitability, efficient capital structure, and resilient margins before paying up for growth, then the days of “scale at all cost” may be over. Finally, the India outcome may influence what global co-working brands do in other markets. Spinouts, licensing models, or partial exits may become standard tools to de-risk brand exposure and leave local operators to bear execution risk.

Flatiron Building’s $380M Condo Conversion Launches With First Deal Signed

The Flatiron Building’s long-awaited conversion into luxury residences now has prices attached. Developers Brodsky Organization and Sorgente Group have filed an offering plan with the state Attorney General, showing 38 condos expected to generate more than $380 million in sales. Prices start just under $11 million for a three-bedroom and climb to $50 million for sprawling five-bedroom units.

Celebrity broker Steve Gold has already claimed bragging rights, announcing on Instagram that he secured the first signed deal and gave his buyer first pick of the residences. Calling the project “history reborn,” Gold’s involvement signals early demand and adds celebrity weight to a marketing pitch built on exclusivity and architectural prestige.

The redevelopment, designed by Studio Sofield and SLCE, includes a new façade lighting scheme, modern systems, and retail at the base. With completion expected in 2027, the developers are betting that scarcity—fewer than 40 condos in one of New York’s most recognizable landmarks—will resonate in a market where new luxury supply is shrinking.

Office-to-Residential Playbook

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