Summary
America's largest landlord, Greystar, has agreed to a $7 million settlement with nine states. The settlement addresses accusations that the company used rent-setting algorithms illegally to increase rental prices. This deal is part of ongoing efforts to regulate anti-competitive practices in the rental market.
Key Facts
- Greystar is accused of using software to align rental prices with competitors, allegedly inflating costs.
- The $7 million settlement involves attorneys general from nine states.
- The software, RealPage, is said to have allowed data sharing between companies to coordinate prices.
- Greystar can no longer use software that depends on competitors' data for setting rents.
- The settlement awaits judicial approval in a North Carolina court.
- This is part of broader legal actions against rent-setting algorithms, including a previous $50 million class-action settlement with Greystar.
- State officials claim such practices harm competition and worsen the housing affordability crisis.
- RealPage has denied any allegations of wrongdoing, stating its software is used in less than 10% of U.S. rental units.
