Greystar Agrees to $50 Million Settlement in Rental Price-Fixing Case

Key Takeaways

• Greystar Settlement: Greystar agreed to pay $50 million, the largest share of more than $141 million in preliminary class action settlements.
• Alleged Collusion: Lawsuit claims landlords used RealPage’s revenue management software to share nonpublic data and drive up rental prices.
• Wide Scope: 27 property management firms have settled, while about 20 defendants (including RealPage, Brookfield, and Equity Residential) remain.
• Ongoing Scrutiny: RealPage maintains its software is legal and will not be altered, while DOJ scrutiny and antitrust claims continue.
• Tenant Impact: Millions of renters may be eligible for compensation, with settlements also placing limits on future data-sharing practices.

Deep Dive

Greystar Real Estate Partners, the nation’s largest residential property manager, has agreed to a $50 million settlement to resolve allegations that it conspired with competitors to keep apartment rents artificially high using RealPage’s widely scrutinized pricing software. The settlement, filed in federal court in Nashville, forms the largest share of a wave of preliminary agreements now totaling more than $141 million, according to Reuters.

The underlying litigation, first filed in 2023, accuses dozens of major landlords of feeding confidential rental data into RealPage’s revenue management platform. The software then generated rent recommendations that, according to tenants, nudged prices above what would have emerged in a competitive market. Plaintiffs say the system amounted to landlords working in concert, sharing nonpublic information that stifled competition and violated antitrust law.

The settlements span a wide range of payouts. BH Management signed on for $15 million, while several other operators agreed to figures between $550,000 and $6 million. Greystar’s $50 million contribution is by far the largest to date. In all, 27 property firms have settled, while about 20, including Brookfield Management, Equity Residential, and RealPage itself, remain active defendants.

RealPage has pushed back against the claims, telling Reuters its clients’ use of the platform is legal and that it does not plan to alter the software. Brookfield declined to comment, while Equity did not respond. Greystar framed its decision as pragmatic, saying the settlement would allow it to shift focus back to its core business operations.

Attorneys representing renters say the agreements could ultimately benefit millions of tenants nationwide. Beyond the financial payouts, the settlements require landlords to scale back the scope of data shared with RealPage and to cooperate with ongoing proceedings. Plaintiffs’ counsel argue this will serve as a deterrent against future attempts to coordinate rent-setting behind closed doors.

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