Property management giant Greystar has agreed to pay $50 million to settle claims in a sweeping antitrust lawsuit accusing major landlords of conspiring with software provider RealPage to inflate apartment rental prices.
According to court filings, Greystar and 26 other defendants submitted preliminary settlements totaling more than $141 million in federal court in Nashville, Tennessee. The agreements, which require a judge’s approval, resolve claims brought in 2023 by renters who allege that landlords used RealPage’s revenue management software to coordinate pricing above competitive levels.
The plaintiffs contend that landlords fed sensitive business data into RealPage’s platform, which then generated rent recommendations designed to keep prices artificially high across markets. The proposed settlements range from $550,000 to Greystar’s $50 million. BH Management agreed to pay $15 million, while several other property companies will contribute about $6 million each. Brookfield Management was also named as a settling defendant.
RealPage, Greystar, BH Management, and other companies denied any wrongdoing. In a statement, RealPage said its revenue management products comply with the law and do not require changes as part of the settlements. Greystar, the largest U.S. residential property manager, said the deal allows the company to move forward and focus on business priorities. Brookfield declined to comment, while Equity Residential — one of about 20 defendants still fighting the case — did not immediately respond.
Lawyers for the renters said millions of tenants could be eligible for compensation. They added that the settlements include restrictions on the type of data landlords can share with RealPage, which they hope will deter similar practices. The case, *In re: RealPage Inc Rental Software Antitrust Litigation*, is ongoing against the remaining defendants.
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