Greystar and other landlords agree to a $141M deal to settle a
rent-setting lawsuit
[October 04, 2025] By
R.J. RICO
ATLANTA (AP) — Real estate giant Greystar and 25 other property
management companies have agreed to collectively pay more than $141
million to settle a class action lawsuit accusing landlords of driving
up housing costs by using rent-setting algorithms offered by the
software company RealPage.
Greystar, the nation's largest landlord, would pay $50 million under the
proposed settlement agreement, which was filed Wednesday in a Tennessee
federal court. The deal would still require a judge's approval.
The companies have also agreed to no longer share nonpublic information
with RealPage for its rent algorithm — a key stipulation, since
plaintiffs say RealPage used that information to enable landlords to
align their prices and push up rents.
“This represents a fundamental shift in the multifamily housing industry
and will help reverse the type of anticompetitive coordination alleged
in the Complaint,” attorneys wrote in the settlement filing.
All companies involved in the settlement deny wrongdoing and have agreed
to help plaintiffs in the ongoing case against RealPage and more than a
dozen other property management firms that have not reached settlements.
RealPage and others are also fighting an antitrust lawsuit filed last
year by the Department of Justice and several state attorneys general.
Greystar reached a settlement in that case in August.
The settlement funds from the class action lawsuit would be distributed
among millions of tenants included in the settlement class.
In a statement, Greystar said these settlements “allow us to move
forward and remain focused on serving our residents and clients.”
Headquartered in South Carolina, Greystar manages more than 946,000
units nationwide, according to the National Multifamily Housing Council.
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 RealPage has vehemently denied any
wrongdoing and argues that the plaintiffs misunderstand how their
product works. RealPage, which is based in Texas, has said its
software is used on fewer than 10% of rental units in the U.S., and
that its price recommendations are used less than half the time.
“While the proposed settlements ... do not include RealPage, we are
encouraged to see this matter move toward closure," Jennifer Bowcock,
RealPage’s senior vice president for communications, said in a
statement. “RealPage continues to believe that this litigation is
without merit and that our revenue management products, and our
customers’ use of them, have always been legal.”
RealPage software provides daily recommendations to help landlords
and their employees price their available apartments. The landlords
do not have to follow the suggestions, but critics argue that
because the software has access to a vast trove of confidential
data, it helps RealPage’s clients charge the highest possible rent.
RealPage argues that the real driver of high rents is a lack of
housing supply. It also says that its pricing recommendations often
encourage landlords to drop rents since landlords are incentivized
to maximize revenue and maintain high occupancy.
Among the other defendants, Iowa-based BH Management would pay $15
million, while Denver-based Simpson Property Group would pay $6.5
million. The other companies' settlements range between $550,000 and
$6 million.
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