Colorado Attorney General Phil Weiser on Tuesday announced a proposed $7 million multistate settlement with Greystar Management Services, LLC, one of the nation’s largest residential property managers, resolving allegations that the company participated in a rent-fixing scheme that inflated housing costs for Coloradans and millions of renters nationwide.
The settlement—filed jointly by Colorado and eight other states—comes amid a sweeping antitrust crackdown targeting major landlords that allegedly used RealPage’s algorithmic pricing software to coordinate rents, share confidential data, and artificially increase prices across U.S. housing markets.
“Coloradans are struggling to pay monthly rent,” Weiser said. “When corporate landlords share private data and use algorithms to coordinate and jack up rent prices, renters pay the price. This settlement sends a clear message: we will not tolerate practices that enable collusion, harm competition, and make housing less affordable.”
Part of Larger Antitrust Action Against RealPage and Major Landlords
The agreement with Greystar stems from a January 2025 amended complaint filed by the U.S. Department of Justice, Colorado, and a bipartisan coalition of states targeting RealPage Inc. and six of the nation’s largest landlords:
- Greystar Real Estate Partners
- LivCor (Blackstone)
- Camden Property Trust
- Cushman & Wakefield / Pinnacle
- Willow Bridge Property Company
- Cortland Management
Together, the companies operate more than 1.3 million rental units across 44 states, including thousands in Colorado.
The multistate lawsuit alleges the landlords used RealPage’s software to share vast amounts of nonpublic, competitively sensitive data, including actual lease prices, renewal information, occupancy, concessions, and even future vacancy projections. The algorithm then generated synchronized rent recommendations—often encouraging landlords to raise prices in tandem rather than compete.
Investigators say the system enabled “unlawful coordination” that distorted supply, limited discounts, and inflated rents—sometimes by keeping units intentionally vacant to maintain higher price points.
Colorado joined the DOJ’s original RealPage lawsuit in 2024, calling the alleged behavior “highly damaging to renters.” Weiser has repeatedly emphasized that algorithm-driven collusion represents a growing threat to fair housing markets.
Greystar Settlement: New Restrictions on Data Sharing and Algorithmic Pricing
Under the proposed consent judgment, which still requires court approval, Greystar will pay $7 million to the participating states. Colorado expects to receive over $1 million, which will support future antitrust enforcement and consumer protection efforts.
But the agreement’s most sweeping provisions involve new limits on Greystar’s use of pricing algorithms.
If approved, Greystar will be prohibited from:
- Using any rent-setting software that relies on nonpublic data from competing landlords
- Sharing confidential rent, occupancy, or pricing strategy information with competitors
- Participating in RealPage user groups, steering committees, or similar industry meetings
- Using revenue management systems that include price floors or incentives that pressure managers to accept algorithm-generated rent recommendations
Greystar must also disclose to the states any new revenue management software it intends to use, and—under certain conditions—obtain independent certification that the software complies with the new restrictions.
The settlement includes no admission of wrongdoing, consistent with standard antitrust consent judgments, but requires Greystar to adhere to the terms for multiple years.
States Retain Claims Against RealPage and Other Landlords
While Greystar has agreed to settle, litigation continues against RealPage and other major property managers. The DOJ reached a separate proposed settlement with Greystar in August, and the states will be allowed to participate in any cooperation Greystar provides in the federal case.
Colorado is not currently joining a separate DOJ settlement with Cortland Management, saying it needs additional time to review the agreement.
“For the landlords added to the lawsuit, if they engaged in irresponsible and harmful conduct that raises rents, they must be held to account,” Weiser said.
A Landmark Case in the Era of Algorithmic Collusion
The RealPage litigation is considered one of the most significant antitrust actions in the U.S. housing sector in decades. It argues that while the collusion was facilitated by software, the impact was as damaging as a traditional price-fixing cartel.
Legal experts say the case could establish new national standards for how landlords use algorithmic tools and data-sharing platforms.
If approved, the Greystar settlement represents a major step forward in those efforts.
“Our office remains committed to restoring fair competition in the housing market,” Weiser said, “and to protecting renters from coordinated pricing schemes that undermine affordability.”
