The FBI executed a search warrant of one Atlanta rental company last month.
ATLANTA — Federal investigators with the U.S. Department of Justice are currently looking into an alleged price fixing scheme to drive up rent. Court documents outline the scheme that relies on a software algorithm to create a “new frontier that poses an even greater anticompetitive threat.”
Dealing with the higher costs of rent is something Torrin Strong knows well.
Strong told 11Alive he does whatever he can to pay rent each month. He lives in northwest Atlanta and pays nearly $1700 per month for a two-bedroom apartment. Strong said he’s paying about $500 more than he was less than four years ago.
“I do Lyft, Instacart, DoorDash, I cut grass, wash cars, I do it all,” Strong listed.
“Rent’s up right now, it’s kind of high. Everybody wants more than what I’m paying right now, because I need more rooms now,” he added. “The cost of living in Atlanta is crazy, and I’m from here.”
11Alive confirmed, Thursday, agents with the Federal Bureau of Investigation Atlanta office conducted what they called “court authorized activities” at Cortland’s Atlanta office in Buckhead last month.
Cortland owns more than 80,000 homes and apartments nationwide.
In a statement, the company confirmed the FBI executed a limited search warrant as part of an ongoing investigation by the United States Department of Justice into potential antitrust violations in the multifamily housing industry.
Cortland said it was fully cooperating with the investigation, adding “we understand that neither Cortland nor any of our employees are ‘targets’ of that investigation. Due to the ongoing litigation, we cannot comment further at this time.”
While Realtor.com tracked a four-percent decrease in Atlanta rent over the last year — marking one of the largest drops in rent prices in the country — Torrin Strong just wants accountability and for the downward trend to continue.
“There’s not that kind of job to pay that decent kind of money for me to be able to take care of my family like I want to for real,” Strong said. “It’s taken a toll on me.”
