Multifamily housing giant Greystar has struck a deal with the U.S. Department of Justice to resolve allegations that it participated in anticompetitive rent-setting practices via RealPage’s algorithmic pricing tools. The settlement, formalized through a consent decree pending federal court approval, marks a pivotal development in the DOJ’s broader investigation into RealPage and its role in coordinating rental prices among major landlords.
As part of the agreement, Greystar will no longer use rent-pricing software that leverages competitor or nonpublic rental data. It must also refrain from any data-sharing or pricing coordination activities with other landlords. Additionally, Greystar has agreed to fully exit any RealPage-hosted events and will cooperate with the federal government’s ongoing investigation. The company has 180 days, or until April 1, 2026 (whichever comes first), to fully comply with the decree.
While Greystar stated that it believes its practices were lawful, it emphasized that settling was the best course of action to gain clarity on regulatory expectations. The agreement contains no admission of wrongdoing. The company also reached a separate settlement in a class action lawsuit brought by renters affected by the alleged rent collusion, although the financial terms of that deal remain undisclosed.
Greystar will still be allowed to use RealPage’s broader property management software but not any rent-setting tools based on nonpublic data. If it chooses to adopt a new third-party pricing algorithm not already cleared by the agreement, that tool will be monitored by a third-party auditor reporting directly to the court.
The consent decree is part of a sweeping federal antitrust case that began under the Biden administration and has been aggressively pursued by the Trump Justice Department. Attorney General Pam Bondi framed the agreement as a win for free-market competition and housing affordability, stating that the administration will continue advancing pro-consumer reforms.
Texas-based RealPage, backed by private equity firm Thoma Bravo, is at the center of the government’s antitrust case, which now includes landlords managing over 1.3 million rental units in 43 states. Several high-profile real estate firms — including Camden Property Trust, Cushman & Wakefield, Blackstone’s LivCor, and Cortland — have also been named in the suit. Cortland previously reached a similar consent decree with the DOJ.
The antitrust claims, which date back to at least 2018, assert that RealPage’s software (formerly known as YieldStar, now rebranded as AI Revenue Management) facilitated rent coordination among competitors through shared pricing data. While RealPage has denied the allegations and claimed it does not promote or enable collusion, the political and legal pressure continues to mount.
A report from the Biden administration’s Council of Economic Advisers estimated that rent-setting algorithms increased tenant costs by $3.8 billion in 2023 alone. In response to growing scrutiny, at least 22 states have introduced 40 bills in 2025 aimed at regulating or banning algorithmic rent-setting software. Connecticut became the first state to enact such a ban earlier this year.
Greystar’s cooperation with the DOJ may signal further momentum in the federal case and could push other major landlords to settle. With housing affordability remaining a hot-button political issue, and with AI-powered pricing tools under legislative fire, the RealPage saga could reshape how rental prices are set across the country.
