Colorado, 8 states reach $7M Greystar rent-fixing settlement

Colorado and eight other states have reached a proposed $7 million settlement with Greystar Management Services LLC after accusing the company of taking part in a price-fixing scheme that raised rents for tenants through the use of shared rent-setting algorithms.

The settlement, announced Tuesday, would resolve allegations that Greystar joined other large property managers in using RealPage Inc.’s pricing software to exchange confidential data on rental rates and occupancy. According to the states, information sharing allowed companies to set rents in near lockstep rather than compete independently.

Colorado officials said renters across the state have struggled with rising housing costs and that the alleged coordination among corporate landlords contributed to those increases. The lawsuit, filed in January 2025, named RealPage and several major apartment managers, including Greystar, as defendants.

If approved by a federal court, the consent decree would require Greystar to pay $7 million to the participating states and adopt significant restrictions on its use of rent-setting tools. Greystar would be barred from using revenue management software that relies on nonpublic data from other landlords to produce pricing recommendations. Colorado is expected to receive more than $1 million to support antitrust and consumer protection work.

The agreement follows a similar proposed settlement reached in August between Greystar and the U.S. Department of Justice. Colorado and the other states will be able to access any cooperation Greystar provides in the Justice Department’s ongoing case against RealPage.

The multistate litigation against RealPage and other property management companies continues, accusing them of using coordinated pricing tactics. States participating in the settlement with Greystar are California, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon and Tennessee.