Paid Rent Between 2018 and 2025? Millions of US Renters Could Qualify for a Share of $359.9M Settlement

US renters who paid rent at qualifying apartment properties between 2018 and 2025 could claim a share of a $359.9 million settlement involving 41 landlords and property management companies. However, not everyone who rented during this period is eligible. Their property must have been licensed to use specific RealPage pricing software, and they must submit a valid claim by 29 January 2027.

The settlements resolve allegations that landlords shared commercially sensitive rental information through RealPage's software and used its pricing recommendations to raise rents above competitive levels. The companies deny wrongdoing, and the court has not ruled on the allegations. The US District Court for the Middle District of Tennessee granted final approval on 15 October 2026. After legal fees and other expenses, less than the full $359,925,000 fund will be available to claimants. Payments will follow at a later date.

Why Are Landlords Paying $359.9 Million?

The case, In re RealPage, Inc., Rental Software Antitrust Litigation (No. II), centres on allegations that landlords used RealPage's revenue management software to coordinate rental pricing. Its products include Lease Rent Options (LRO), YieldStar, and AI Revenue Management (AIRM), which analyse rental market information and recommend prices to property managers.

Renters alleged that participating landlords shared non-public rent and occupancy information through the software before using its recommendations to increase rents. The settlements involve 41 landlords and property management companies, including Greystar Management Services, Camden Property Trust, Equity Residential, and Mid-America Apartment Communities. The defendants deny wrongdoing and agreed to settle to avoid the costs and risks of further litigation, without admitting liability.

Who Could Qualify for the Settlement?

The settlement covers individuals and entities that paid rent directly to the owner, manager, or owner-operator of a qualifying multifamily property in the US or its territories. Applicants must meet three conditions:

• They paid rent directly to the property's owner, manager, or owner-operator.
• The property was licensed to use RealPage's LRO, YieldStar, or AIRM software.
• They paid rent between 18 October 2018 and 21 November 2025.

The property must also appear on the official settlement website's Property List. Government entities, settling defendants and their employees, RealPage licensees, and people who validly opted out by 22 September 2026 are excluded.

Class members who did not opt out are bound by the settlements and release specified claims against the settling defendants, even if they do not file a payment claim. Claims against RealPage and the remaining non-settling defendants continue. Renters who did not receive a settlement notice can still apply if they meet the eligibility requirements.

How Much Could Renters Receive?

The $359.9 million fund will not be distributed entirely to renters. Payments will be calculated on a pro rata basis, taking into account rent paid at qualifying properties and estimated market-specific overcharges of 2% to 13%. Approved deductions include approximately $119.98 million in attorneys' fees, $14.67 million in litigation expenses, and $3.5 million for future litigation expenses. Another $100,000 was approved for 10 class representatives.

This leaves approximately $221.68 million before notice and administration costs. The settlement provides for a $10 minimum initial payment, but individual payments are not guaranteed beyond that amount. Final shares depend on eligible rent, market calculations, and the number of valid claims.

How to File a Claim Before 29 January 2027

Claims must be submitted online or received by the settlement administrator by 11:59 p.m. EST on 29 January 2027. Applicants should provide their property address and unit number, lease start month and year, monthly rent, and the number of months they rented. They must also supply evidence of at least one month's rent paid at each eligible address.

Acceptable documents include rental agreements, renewal letters, rent ledgers, bank statements, payment confirmations, and cancelled cheques. Supporting documents may not be required if the administrator has already populated the claim with rental information. Renters can check the Property List and submit applications through the official RealPage settlement website. Paper claims can be sent to the administrator using the address listed there. Claimants do not need to hire a lawyer or pay a third-party filing service.

When Will Payments Arrive?

Although the settlements received final approval on 15 October 2026, no payment date has been announced. Eligible claimants may receive funds through PayPal, Venmo, Zelle, a virtual prepaid card, or cheque. The wider litigation continues against RealPage and non-settling defendants, including Essex Property Trust, Independence Realty Trust, Morgan Properties, UDR, and ZRS Management. Renters should check whether their property qualifies and submit a valid claim before 29 January 2027 to seek a share of the settlement.