Greystar Makes Deal with DOJ to Settle Price-Fixing Claims in RealPage Case
10 days ago
- #antitrust
- #housing
- #algorithms
- Greystar, the largest U.S. landlord, agreed to stop using algorithmic rent-setting software accused of violating price-fixing laws.
- The DOJ settlement bars Greystar from using anti-competitive algorithms relying on rivals' data to set rents.
- Greystar used RealPage's software, which was criticized in a 2022 ProPublica investigation for enabling cartel-like behavior.
- The settlement received bipartisan praise, with Trump-appointed AG Pam Bondi and Sen. Amy Klobuchar supporting it.
- Greystar did not admit wrongdoing, claiming compliance with laws, but agreed to settle to clarify regulatory expectations.
- RealPage defended its software as legal and pro-competitive, blaming housing affordability issues on undersupply.
- The DOJ's antitrust case against RealPage and landlords signals a new frontier in tackling algorithmic collusion.
- Greystar will cooperate with the DOJ's case against RealPage, which seeks to dismiss the lawsuit.
- Cities like San Francisco and Minneapolis have moved to ban similar rent-setting algorithms.
- The settlement highlights growing scrutiny of tech-driven anti-competitive practices in housing markets.