Greystar reaches $7M settlement in rent-setting lawsuit

A $7 million settlement agreement with Greystar Management Services was announced by California Attorney General Rob Bonta — part of a coalition of nine state attorneys general pursuing antitrust claims tied to RealPage software.

The settlement requires Greystar to stop using software that employs competitively sensitive information to align rents and to cooperate in the ongoing prosecution of RealPage and other landlords.

Bonta alleges that Greystar used RealPage’s revenue management system to coordinate rental prices with competing landlords by sharing and collecting confidential pricing data.

“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 staring down an affordability crisis. Companies that intentionally fuel this unaffordability by raising prices to line their own pockets can be sure I will use the full force of my office to hold them accountable. California is stronger when we protect tenants and a competitive economy.”

According to a January 2025 complaint, RealPage’s algorithmic models recommend price increases to subscribers. Greystar and other landlords allegedly shared sensitive data to generate pricing recommendations using the software.

Landlords discussed pricing strategies, rents and software parameters with each other — understanding that their nonpublic data would inform pricing recommendations for their competitors and enable coordinated rent increases, Bonta said.

In California, Greystar manages roughly 333 multifamily rental properties using RealPage’s pricing tools.

Under the settlement — still subject to court approval — Greystar must pay $7 million in penalties and fees and comply with the following provisions:

• Refrain from using anticompetitive algorithms that rely on rivals’ data or incorporate anticompetitive features.
• Refrain from sharing competitively sensitive information with competitors.
• Accept a court-appointed monitor if using third-party pricing software not certified under the consent decree.
• Avoid attending RealPage-hosted meetings of competing landlords.
• Cooperate with the states’ monopolization claims against RealPage.

Alongside California, the settlement was reached with attorneys general from North Carolina, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, Oregon and Tennessee.

Greystar recently settled a separate class action lawsuit related to RealPage software, with that payout totaling $50 million.

In August, Greystar reached a settement with the Federal Trade Commission — following a January lawsuit alleging illegal and excessive fees on tenants.

Separate litigation on that matter is ongoing in the U.S. District Court for the Southern District of California.