Greystar, the largest operator of rental housing in the United States, has agreed to a $50 million settlement to resolve claims that it conspired with other landlords through RealPage Inc.’s rent-pricing software to artificially inflate rental prices. The settlement, filed in federal court in Nashville, is part of a broader set of agreements totaling $141 million across 27 defendants.
The case, In re: RealPage Inc. Rental Software Antitrust Litigation (No. 3:23-md-3071), is one of the most significant antitrust actions in the housing sector in recent years. It alleges that RealPage, a Texas-based software company, enabled a cartel-like system where landlords and property managers coordinated pricing in violation of U.S. antitrust law.
Background of the Lawsuit
The class-action lawsuit was filed in 2023 on behalf of renters who claimed they were forced to pay inflated rents due to the widespread use of RealPage’s “revenue management” software. Plaintiffs argued that the software collected proprietary rental data from participating landlords and then generated price recommendations that encouraged landlords to raise rents above competitive levels.
According to the lawsuit, RealPage’s algorithmic tools allowed competitors—many of whom controlled significant shares of the rental housing market—to share sensitive business information under the guise of software-driven efficiency. The plaintiffs contend this practice eliminated genuine competition in local housing markets, driving rents up for millions of tenants across the country.
Settlement Details
Greystar’s $50 million payment is the largest single contribution among the 27 settlements reached so far. Other notable defendants include BH Management, which agreed to pay $15 million, and several mid-sized property management firms that settled for amounts ranging from $550,000 to $6 million.
Collectively, these settlements add up to more than $141 million, subject to approval by U.S. District Judge Waverly Crenshaw, who is overseeing the multidistrict litigation in Tennessee.
Under the settlement agreements, participating landlords are required not only to provide monetary compensation but also to impose limitations on the type of data they share with RealPage for rental pricing purposes. In addition, these defendants must cooperate with plaintiffs by providing documents, depositions, and testimony in the ongoing litigation against the remaining parties.
Who Has Not Settled?
While the 27 defendants that have settled represent a substantial portion of the industry, a number of major companies remain in the case. These include Equity Residential, Brookfield Asset Management, and RealPage itself. These defendants are continuing to contest the allegations.
RealPage, for its part, has strongly denied wrongdoing. The company maintains that its revenue management tools are legal and pro-competitive, emphasizing that its clients are under no obligation to follow the software’s recommendations. It also confirmed that it will not make changes to its pricing software as part of the settlements.
Industry Response
Greystar, which manages hundreds of thousands of rental units nationwide, said that while it denies liability, the settlement allows it to “move forward and focus on business priorities.” The company emphasized that settling was a business decision rather than an admission of wrongdoing.
RealPage issued a similar statement, reiterating its position that the software simply provides market insights to landlords and does not force price-setting. “RealPage has always complied with the law, and our tools help create efficiency in the market,” the company said in a public statement.
Critics, however, argue that when large landlords collectively rely on a single algorithmic system to set rents, the effect is functionally equivalent to price-fixing. Antitrust experts are watching the case closely, as it could have far-reaching implications for the use of algorithm-driven pricing tools in not only real estate but also other industries.
Broader Implications
The settlements highlight growing scrutiny over algorithmic pricing in housing markets. The U.S. Department of Justice and state attorneys general have taken increasing interest in how technology can be used to collude—intentionally or not—by eliminating natural market competition.
This case could set an important precedent for other industries where algorithmic pricing is becoming the norm. Airlines, hotels, and even e-commerce companies have all adopted similar tools, raising concerns about whether technology is being used to bypass traditional antitrust protections.
For renters, the case underscores broader affordability concerns. The National Multifamily Housing Council reports that rents have surged nationwide over the past decade, with many tenants spending more than 30% of their income on housing. Critics argue that algorithmic rent-setting has only worsened affordability challenges in already tight housing markets.
Next Steps
The court must still grant final approval to the settlements. Once approved, affected renters will be notified of their potential eligibility for compensation. Meanwhile, litigation will proceed against the non-settling defendants, with discovery and trial preparation expected to intensify in the months ahead.
For landlords and property managers, the outcome of this case will serve as a warning: reliance on shared algorithmic data could trigger liability under antitrust law. For tenants, the settlements may offer some measure of financial relief and signal that regulators and courts are taking seriously the impact of technology-driven collusion in the rental market.
Conclusion
Greystar’s $50 million settlement marks a milestone in one of the most closely watched antitrust cases in the housing industry. While the company denies liability, its agreement—along with the $141 million in total settlements—reflects the seriousness of the allegations against landlords accused of inflating rents through RealPage’s software.
As litigation continues against major holdouts like RealPage, Equity Residential, and Brookfield, the case may reshape how algorithmic pricing tools are regulated and used in real estate markets going forward.
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