Greystar Agrees to $7 Million Rent-Pricing Suit Settlement

Greystar Management Services has agreed to pay $7 million to settle with a coalition of nine states in an antitrust lawsuit alleging the company schemed to jack up rents.

The proposed agreement, if approved, would send settlement money for the plaintiff states, including California and Illinois, to potentially fund consumer protection and antitrust enforcement efforts.

The suit, brought last year by the states and the US Justice Department, alleges Greystar and its competitors shared competitive information and used the algorithm of property management software company RealPage to generate recommendations for rental pricing. Subsequent amendments added several property management ...