On November 18, 2025, Greystar Management Services, LLC — one of the largest property management companies in the United States — entered into a sweeping Final Consent Judgment with a coalition of state Attorneys General after being accused of participating in anticompetitive rent-setting practices through RealPage’s algorithmic pricing system. The agreement, filed in the U.S. District Court for the Middle District of North Carolina, resolves civil antitrust claims brought by eight states and the Commonwealth of Massachusetts. 158-1 (1)
Although Greystar denies all wrongdoing, the company agreed to pay $7 million and to abide by strict new restrictions designed to restore competition in rental housing markets.
A Multi-State Crackdown
The Attorneys General of California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, Oregon, Tennessee, and North Carolina alleged that Greystar participated in a scheme involving RealPage’s “Revenue Management” products — software that pooled rent and occupancy data from competing landlords, used nonpublic information, and generated coordinated rent recommendations that artificially inflated prices across markets.
The states claimed these practices:
- Suppressed competition
- Harmed renters
- Drove up rental prices
- Enabled unlawful information-sharing between competitors
Key Requirements Imposed on Greystar
$7 Million Settlement Payment
Greystar must pay $7,000,000 to the participating states. This amount may be used for consumer protection enforcement, antitrust investigations, litigation costs, and related public-interest purposes.
Ban on Using Competitor Data in Rent-Setting
Greystar is forbidden from using any Revenue Management Product that relies on:
- Competitor, external, or nonpublic rental data
- Data-pools shared between property managers
- Algorithms trained using competitor information
This is a direct response to the states’ allegations involving RealPage.
Prohibition on Data Sharing
The company cannot:
- Share its private rental data with any competing landlord
- Request or obtain competitor data
- Use RealPage-derived datasets containing nonpublic information
Restrictions on Meetings
Greystar is barred from participating in RealPage “steering committees,” “user groups,” or similar gatherings that were previously used to exchange competitor data.
Mandatory Antitrust Compliance Program
Greystar must implement:
- A written compliance plan
- A designated compliance officer
- Annual employee training
- Ongoing reporting obligations
Court-Appointed Monitor
If the United States appoints a Monitor under the related DOJ judgment, that monitor will also oversee Greystar’s obligations to the states.
Long-Term Oversight
The Consent Judgment remains in effect for five years, with the possibility of extension if Greystar violates its terms. States retain full enforcement authority, including the power to seek contempt sanctions and extend the judgment by an additional four years.
Dismissal With Prejudice
In exchange for compliance, the states dismissed their civil claims with prejudice, meaning they cannot refile the same allegations. However, private lawsuits and federal cases may continue, and the settlement does not block individual renters from pursuing their own legal remedies.
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Last modified: November 29, 2025
