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Property Giant Greystar Settles Antitrust Case with Renters for $50 Million

By  |  October 2, 2025

Property management giant Greystar has agreed to pay $50 million to settle claims from renters who accused the company of colluding with competitors to artificially raise rental prices through software developed by RealPage. The agreement is part of a broader set of preliminary class action settlements totaling more than $141 million, according to Reuters. The deals, filed in federal court in Nashville, Tennessee, still require judicial approval.

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    The lawsuit, launched in 2023, alleges that some of the largest owners and operators of multifamily apartment complexes in the United States coordinated with RealPage’s revenue management software to generate rental recommendations that pushed prices above competitive market levels. Per Reuters, plaintiffs argued that landlords unlawfully shared nonpublic data with RealPage, violating antitrust laws.

    The settlements vary in size, ranging from $550,000 to Greystar’s $50 million contribution. BH Management agreed to $15 million, while several others opted for $6 million. In total, 27 companies have settled, while around 20 defendants—including Equity Residential, Brookfield Management, and RealPage—remain in the case.

    Read more: Greystar Reaches Proposed Settlement with DOJ Over Alleged Anticompetitive Rental Practices

    RealPage, in a statement cited by Reuters, said its pricing tools and clients’ use of them have been legal. The company added it does not expect to alter its software as a result of the settlements. Brookfield declined to comment, and Equity did not respond immediately. Greystar, the largest residential property manager in the U.S., said its settlement would allow the company to refocus on its business operations. BH Management did not provide a comment.

    Lawyers for the renters estimate the settlement class could cover millions of tenants. They said they hope the agreements will deter landlords from sharing sensitive information in ways that could harm competition. According to Reuters, the defendants also agreed to place some limits on the data shared with RealPage and to cooperate with plaintiffs as the case continues against the remaining companies.

    The litigation is formally titled In re: RealPage Inc Rental Software Antitrust Litigation in the U.S. District Court for the Middle District of Tennessee, case number 3:23-md-3071.

    Source: Reuters