Greystar Agrees to $7 Million Settlement

Greystar Real Estate Partners, the nation’s largest residential property manager, has agreed to pay $7 million to settle allegations from nine U.S. states that it used rent-setting algorithms to coordinate pricing among competitors and inflate housing costs.

The proposed settlement, filed in federal court in North Carolina, is the latest in a growing wave of antitrust cases targeting RealPage Inc. and other property-tech providers accused of facilitating unlawful price alignment in rental markets. The agreement still requires judicial approval.

The Case Behind the Settlement

Attorneys general from California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, and Tennessee joined the lawsuit, alleging that Greystar used software that relied on competitors’ confidential data to determine rents.

California Attorney General Rob Bonta said the case underscores that modern technology is not exempt from traditional competition laws.

“Whether it’s through smoke-filled backroom deals or through an algorithm on your computer screen, colluding to drive up prices is illegal,” Bonta said. “Families across the country are facing an affordability crisis, and companies that intentionally fuel it will be held accountable.”

Under the terms of the deal, Greystar will no longer use any pricing systems that depend on competitors’ private data.

Multiple Settlements and Federal Oversight

The $7 million settlement adds to a series of recent legal actions involving the company:

• In October 2025, Greystar agreed to pay $50 million to resolve a class-action lawsuit tied to its use of RealPage pricing tools.

• In August, the firm reached a separate agreement with the U.S. Department of Justice to discontinue similar data-driven rent-setting practices.

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Based in South Carolina, Greystar manages more than 946,000 residential units nationwide, according to data from the National Multifamily Housing Council.

The Role of RealPage

At the centre of the controversy is RealPage, a Texas-based software company whose revenue-management platform generates daily pricing suggestions for landlords based on market data.

Critics argue the technology allows large landlords to align prices, effectively reducing competition and driving up rents. RealPage maintains that its software is used on fewer than 10% of rental units in the U.S. and that its pricing recommendations are adopted less than half the time.

In a statement, RealPage reiterated that its tools are designed to maximise occupancy, not collusion, and that high rents are the result of limited housing supply, not algorithmic manipulation.

Political and Legislative Response

The allegations have prompted state and federal policymakers to take aim at rent-setting software.

Both California and New York have recently enacted laws restricting the use of such technology, while cities including Philadelphia and Seattle have introduced ordinances limiting or banning algorithm-based rent tools.

The coordinated response highlights a shift in how governments view data-driven decision-making in real estate — with transparency and consumer protection now front and centre.

The Greystar case underscores a growing tension between technology-enabled pricing and market fairness.As the property-management industry adopts sophisticated revenue tools, regulators are signalling that algorithms will be held to the same antitrust standards as human agreements.

For property managers, investors and PropTech firms alike, this case marks a new era of accountability: the intersection of AI, data and antitrust law is no longer theoretical, it’s enforceable.

Editorial Note

This article was independently written and edited by Real Estate Today United States. All information included was sourced from public records, official statements and court filings. The narrative, structure and commentary are original to RET US and provided for informational and industry-analysis purposes. © Real Estate Today United States 2025 — All Rights Reserved.