The Department of Justice has filed a settlement proposal with a federal court involving Greystar Management Services, Inc., the largest landlord in the U.S.
Greystar and several other real estate firms were added to a government suit originally filed against real estate management software company RealPage, accusing the companies of anti-competitive actions involving the sharing of data to adjust rates offered for rental units.
Greystar is considered the largest housing rental management company in the nation with 946,742 properties, according to the National Multifamily Housing Council.
Greystar originally rejected the government claims and said in a statement, “Greystar has and will conduct its business with the utmost integrity. At no time did Greystar engage in any anti-competitive practices. We will vigorously defend ourselves in this lawsuit.”
On Friday, Greystar announced it had settled with the DOJ.
“Greystar firmly believes that its use of RealPage’s revenue management software complies with all applicable laws. Today’s settlements do not change that belief and the settlements contain no admission of wrongdoing,” the company said in a statement.
The DOJ said the proposed settlement would require Greystar to “refrain from using any anti-competitive algorithm that generates pricing recommendations using its competitors’ competitively sensitive data or that incorporates certain anticompetitive features.”
Additionally, the settlement proposal specifically prevents Greystar from “sharing competitively sensitive information with competitors.”
Assistant Attorney General Abigail Slater of the Justice Department’s Antitrust Division said the settlement is an important step toward helping “working class” Americans secure fairly priced housing.
“Whether in a smoke-filled room or through an algorithm, competitors cannot share competitively sensitive information or align prices to the detriment of American consumers,” she said in a statement.
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