RealPage, the algorithmic rent-setting software company, has announced plans to acquire Livble, a service that lets people pay their monthly rent in installments.
Livble describes itself as a “flexible” rent payment solution. Renters can split payments into up to four installments throughout the month. The service bills itself as helping tenants “avoid late fees and credit card fees” as well as “build credit through rent,” but it charges $30 to $40 per loan. RealPage didn’t disclose the terms of the deal.
Under the deal, RealPage will integrate Livble into its property management software and will handle “all collections.” Last year, the US Department of Justice and several states sued RealPage over claims that it monopolized the market for commercial revenue management software used to set the price of apartments. The lawsuit alleges RealPage used nonpublic rental prices from competing landlords to inform its algorithm, which provides rental price recommendations for property owners.
In May, Sens. Elizabeth Warren (D-MA), Bernie Sanders (D-VT), Amy Klobuchar (D-MN), and others asked RealPage whether it had “potential involvement” in Republicans’ now-scrapped AI moratorium. They argued that RealPage would’ve benefited from a 10-year ban preventing states from regulating algorithms, as several local governments have already enacted laws regulating rent-setting software.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
