DOJ, Greystar Settle Rent Collusion Allegations

Greystar, the largest apartment manager in the U.S., has reached a proposed settlement with the Department of Justice over allegations of colluding with other landlords to inflate rent prices using RealPage's algorithmic software. The DOJ alleges Greystar shared sensitive competitive data and coordinated rent increases, resulting in anticompetitive practices in markets including Charlotte and Wilmington. The settlement bars Greystar from using pricing algorithms that rely on competitors' data, prohibits sharing competitive information, imposes oversight for third-party pricing tools, and requires Greystar's cooperation in the ongoing DOJ case against RealPage. The agreement aims to promote fair competition and address housing affordability concerns. Greystar has not commented publicly on the settlement. The consent decree will be published in the Federal Register and awaits court approval.