Arizona AG Mayes’ Lawsuit Against RealPage and Other Arizona Apartment Owners Still Pending

(November 26, 2025) — RealPage, Inc., the Richardson, Texas–based provider of revenue management and rental-pricing software for the multifamily housing industry, has reached a settlement with the U.S. Department of Justice (DOJ) resolving the federal antitrust action involving its pricing algorithms filed August 23, 2024. The agreement is memorialized in a proposed consent judgment and remains subject to court approval under the Tunney Act process.

This settlement does not resolve the separate lawsuit filed by Arizona Attorney General Kris Mayes against RealPage and several large landlord-defendants—including Tucson-based HSL Properties—which remains active.

Key Terms of the DOJ Settlement

According to the DOJ, the proposed consent judgment requires RealPage to:

•  Cooperate fully in the United States’ lawsuit against property management companies that used its revenue-management software.
•  Stop using competitors’ nonpublic, competitively sensitive information to set rental pricing in real time.
•  Limit model training to historic, backward-looking nonpublic data that is at least 12 months old.
•  Prohibit the use of models that evaluate geographic effects narrower than the state level, preventing metro-level or neighborhood-level coordination.
•  Remove or redesign features that discouraged price reductions or encouraged alignment of competitors’ pricing decisions.
•  Stop conducting market surveys to collect and redistribute competitively sensitive rental data.
•  Cease discussing nonpublic market data or pricing strategies in internal RealPage meetings about its revenue-management products.
•  Accept a court-appointed compliance monitor for a three-year oversight period.
•  Provide cooperation to federal enforcement efforts targeting property managers who allegedly used RealPage tools to coordinate rents.

The DOJ described the settlement as part of its broader national push to address algorithmic coordination, information-sharing practices, and other anticompetitive conduct in rental markets nationwide.

“Competing companies must make independent pricing decisions, and with the rise of algorithmic and artificial intelligence tools, we will remain at the forefront of vigorous antitrust enforcement,” said Assistant Attorney General Abigail Slater of the DOJ’s Antitrust Division.

RealPage President and CEO Dirk Wakeham called the settlement “an important milestone” for the company and the multifamily industry.

“Our teams remained focused on serving customers and advancing the technology the industry relies on every day,” Wakeham said. “We are convinced that RealPage is part of the solution to addressing the cost of housing, helping operators make informed, independent decisions in a complex housing market. We are pleased to have reached this agreement with the DOJ, which brings the clarity and stability we have long sought and allows us to move forward with a continued focus on innovation and the shared goal of better outcomes for both housing providers and renters.”

Status of the Arizona Lawsuit Against RealPage and Nine Arizona Apartment Owners

The DOJ settlement does not dismiss or resolve the February 2024 lawsuit filed by Arizona Attorney General Kris Mayes, which accuses RealPage and nine major apartment owners—including HSL Properties Inc.—of unlawfully using coordinated pricing algorithms to raise rents in Phoenix and Tucson.

As of today, there is no public record of a settlement, dismissal, or pause in the Arizona case (Superior Court Case No. CV2024-003889). The lawsuit remains active. Because RealPage must cooperate with ongoing state enforcement actions as part of the DOJ settlement, this may influence the progression of the Arizona case, but it does not resolve it.

Credit: Dan Berthiaume, plus reporting from the National Retail Federation (NRF) & Prosper Insights & Analytics

(November 26, 2025) — Even as retailers launch “Black Friday” promotions before Halloween and holiday deals stretch across nearly two months, the Friday after Thanksgiving still commands unmatched weight on the retail calendar. What began in the 1950s as a single kickoff day for holiday shopping has evolved into a five-day omnichannel marathon — but Black Friday remains the crown jewel.

Black Friday by the Numbers: A Market Retailers Can’t Ignore

Data continues to show that Black Friday is one of the biggest spending days of the year. According to Mastercard SpendingPulse, U.S. retail sales on Black Friday 2024 rose 3.4% year-over-year, with online sales jumping 14.6% and in-store sales edging up 0.7%.

Consumers are planning to spend — whether retailers participate or not. A LendingTree survey shows 64% of Americans expect to shop on Black Friday, and one-third will spend $500 or more.

This year, the holiday weekend is poised to set a new record. The National Retail Federation (NRF) and Prosper Insights & Analytics estimate 186.9 million shoppers will hit stores and online platforms from Thanksgiving Day through Cyber Monday — up from 183.4 million last year. Black Friday leads the pack, with 70% of shoppers (130.4 million) planning to participate, followed by Cyber Monday with 40% (73.9 million).

“Many Americans consider shopping to be an important part of their Thanksgiving holiday,” said Phil Rist, executive VP of strategy for Prosper Insights & Analytics. “For more than half, the deals are simply too good to pass up.”

In-Store Shopping: Still the Holiday Spirit Driver

Despite the shift toward digital browsing and early promotions, brick-and-mortar remains a dominant force. Projections from Capital One indicate 81% of 2025 retail sales will occur in physical stores.

Quad’s consumer survey highlights why:

• 74% say in-store shopping is the best way to get into the holiday spirit.

• 66% say their favorite gifts came from unexpected in-store discoveries.

• 70% feel more comfortable making higher-priced purchases in person.

Black Friday remains the biggest in-store shopping day of the year. Retailers who draw shoppers into physical locations benefit from impulse buying, cross-sell opportunities, and higher-margin purchases that don’t happen online.

Online Black Friday: Bigger, Faster, and More Tech-Driven

But Black Friday is no longer only about 4 a.m. doorbusters. Digital channels now play an equally critical role.

Adobe Analytics reported consumers spent a record $10.8 billion online during Black Friday 2024 — more than double 2017 levels. And the rise of generative AI is reshaping traffic patterns, with an 1,800% increase in Black Friday site visits driven by AI shopping bots compared to 2023.

Retailers are turning to livestreams, social-commerce platforms, and digital deal hubs to capture this demand, mirroring Amazon’s increasingly hybrid holiday playbook.

Holiday Momentum Is Already Building

More than half of holiday shoppers (58%) began buying in early November — a pattern consistent with the last five years. According to NRF data, consumers have already completed roughly 26% of their planned purchases.

Those early waves are feeding what could become the first trillion-dollar holiday season. NRF forecasts U.S. holiday retail sales will rise 3.7% to 4.2% this year, reaching between $1.01 trillion and $1.02 trillion, up from $976 billion last year.

The Bottom Line: Black Friday Still Matters — A Lot

Yes, the shopping season is longer. Yes, consumers are stretched across both physical and digital channels. And yes, AI is changing how people discover deals. But despite all the shifts, Black Friday remains:

• The most popular shopping day of the holiday season

• A massive in-store traffic driver

• A record-setting online sales event

• A cultural shopping tradition millions still embrace

As Dan Berthiaume notes, “Yes, Virginia, there is still a Black Friday — you just need to believe and act.” And according to the NRF, nearly 187 million Americans plan to do exactly that.

TUCSON, AZ (November 25, 2025) — An 11,186-square-foot retail building at 4001 E. Speedway Blvd. in Tucson has sold for $1,700,000 ($152 PSF) in an investment sale to Jim and Samira Habib of El Cajon, California. The property is fully leased to Total Offroad & More, a Tucson-based retailer specializing in aftermarket truck and SUV parts, accessories, and lift kits and closed October 20, 2025.

Total Offroad & More has served the region’s off-road and outdoor recreation community for more than 20 years, offering suspension systems, wheels, tires, lighting, and custom installations for trucks and 4×4 vehicles. The company operates its primary showroom and service center from this Speedway location, drawing customers from across Southern Arizona.

The seller was the George and Jane Caughman Family Trust. Rob Tomlinson, Principal and Retail Specialist with Cushman & Wakefield | PICOR, represented the seller. Melody Bramer with Keller Williams Integrity First Realty in Gilbert represented the buyer.

Built in 1974 and situated on 0.74 acres within the Speedway No. 1 subdivision, the property includes 53 parking spaces and offers prominent frontage along Speedway Boulevard, one of Tucson’s busiest east–west corridors.

For more information, Tomlinson can be reached at 520.546.2757, and Bramer is at 602.290.3643.

Source: RED Comp #12183.