Nation’s Largest Landlord To Pay $7 Million Settlement After States Accuse It of Using Algorithms To Drive Up Rents

The nation's largest landlord has agreed to pay $7 million to settle claims it used algorithms to raise rents.

Greystar Property Management, which manages nearly 950,000 rental units nationwide, reached the multimillion-dollar settlement after nine states sued the company, accusing it of an "algorithmic pricing scheme."

The attorneys general of California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, and Tennessee agreed to a settlement stemming from a January 2025 lawsuit.

An investigation by a bipartisan coalition looked at Greystar's role into the scheme, which allowed property management companies to share supply and demand pricing data with one another on a service called RealPage.

RealPage uses algorithmic models to recommend price increases to subscribers. In a January 2025 complaint, it claims Greystar and other co-defendant landlords discussed "competitively sensitive topics" that included pricing strategies and rents.

One legal complaint from the state of California claimed the landlords knew that their nonpublic data would be used to recommend prices, not just for their own units, but also for competitors that use the programs.

The complaint said RealPage knew what competing landlords were charging and could increase profits for landlords by using that information to recommend landlords set or raise their prices uniformly, as a result eliminating competition and leaving renters no choice but to pay artificially high prices.

"Whether it's through smoke-filled backroom deals or through an algorithm on your computer screen, colluding to drive up prices is illegal,” California Attorney General Rob Bonta said in a press release.

“Families across the country are staring down an affordability crisis. Companies that intentionally fuel this unaffordability by raising prices to line their own pockets can be sure I will use the full force of my office to hold them accountable. California is stronger when we protect tenants and a competitive economy.” 

As part of the settlement, Greystar has agreed it will no longer use software that relies on other landlords’ confidential data to set rents.

“When the largest landlord in the entire United States rigs the market with unfair and anticompetitive algorithms, it jacks up costs for everyone, everywhere," Connecticut Attorney General William Tong said in a press release. "We’re continuing to press our case against RealPage and other bad actors in the industry, and we will use the full weight of our law enforcement authority to give families a fair chance at an affordable home."

In the multistate coalition's amended complaint, it claims landlords Greystar; Blackstone’s LivCor, LLC (LivCor); Camden Property Trust (Camden); Cushman & Wakefield Inc. and Pinnacle Property Management Services LLC (Cushman); Willow Bridge Property Company LLC (Willow Bridge), and Cortland Management LLC (Cortland) participated in an unlawful scheme to decrease competition in rental housing markets across the country, harming millions of renters.

The Massachusetts AG's office says combined these landlords operate more than 1.3 million units in 43 states and the District of Columbia.

A judge must still approve the deal. No word if the other companies involved will need to pay a settlement or fine.

“We are pleased this matter is resolved and remain focused on serving our residents and clients,” Greystar said in a statement Wednesday, according to The Associated Press.