SALT LAKE CITY — Greystar, the largest landlord in the United States and a company with a big presence in Utah, has agreed to a proposed settlement to resolve claims against the company over its use of algorithmic coordination and anti-competitive practices in rental markets nationwide.
The issue at hand was Greystar's use of RealPage, a revenue management software.
According to prosecutors, Greystar and other landlords, including five co-defendants, shared competitively sensitive data to generate pricing recommendations using RealPage's algorithms, which allegedly included aligned pricing and rent strategies.
“American greatness has always depended on free-market competition, and nowhere is competition more important than in making housing affordable again,” said U.S. Attorney General Pamela Bondi. “We will continue to vigorously pursue President Trump’s pro-consumer agenda.”
If the court approves the settlement proposal, Greystar will be required to refrain from using any anticompetitive algorithms that generates pricing by using competitor's data, refrain from sharing sensitive information with competitors, accept a court-appointed monitor if it uses a third-party pricing algorithm, refrain from attending or participating in RealPage-hosted meetings of competitive landlords, and cooperate with the government's monopolization claims against RealPage.
The company responded to the settlement announcement, saying in part, "Greystar remains committed to being at the forefront of innovation in service of its clients and residents, all within the bounds of the law. The industry continues to face litigation and unclear regulatory guidance around the use of revenue management tools."
