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WASHINGTON, DC — This week, corporate landlord companies American Homes 4 Rent, Equity Residential, and Essex Property Trust announced $354.6 million in combined Q3 2024 earnings. Notably, Essex Property Trust and Equity Residential have faced lawsuits for using RealPage to allegedly hike rental costs. RealPage is currently being sued by the U.S. Justice Department and several state Attorneys General for enabling landlords to collude and raise rents. 

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With each new round of profit reports, it becomes clearer that corporate landlords are at the core of the housing affordability crisis. They’ve proven time and again they will keep raising rent even when it’s clear there is no need for it. It’s no surprise many of the same rent-gouging landlord companies are tied to an alleged illegal price fixing scheme. The Biden-Harris administration is putting its best foot forward by cracking down against bad actors like RealPage, but Congress must step up against greedy corporate landlords.”

Accountable.US Liz Zelnick

Earlier this year, Accountable.US hosted a press conference with U.S. Senator Elizabeth Warren (D-MA) and former Biden administration Deputy Director for the National Economic Council Bharat Ramamurti to discuss profiteering and tactics of large corporate landlords. On the call, Accountable.US presented an analysis finding the six largest publicly traded apartment companies brought in nearly $300 million combined in increased profits in Q1 2024, many from rent hikes. 

MORE ON CORPORATE LANDLORDS 

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