Press Release: 11/19/2025

AG Campbell Reaches $7 Million Multistate Settlement with Nation's Largest Landlord for Anticompetitive Algorithmic Pricing Scheme that Harms Renters

 



Under the Terms of the Agreement, Massachusetts Will Receive $621,988 from Settlement with Greystar



FOR IMMEDIATE RELEASE:



11/19/2025



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Kennedy Sims, Deputy Press Secretary



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Call Kennedy Sims, Deputy Press Secretary at (617) 727-2543



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Email Kennedy Sims, Deputy Press Secretary at Kennedy.Sims@mass.gov



BOSTON — Massachusetts Attorney General Andrea Joy Campbell today announced that a bipartisan coalition of nine states has reached a $7 million settlement with Greystar Management Services, LLC -- the nation’s largest landlord -- to resolve allegations that Greystar participated in algorithmic pricing alignment and other schemes that harmed renters, primarily through use of software sold by RealPage, Inc. Under the terms of the agreement, Massachusetts is slated to receive $621,988.  



“While Massachusetts residents grapple with a persistently high cost of living driven by housing costs, my office is proud to have secured this settlement against those who seek to undermine a fair and competitive rental market,” said Attorney General Andrea Joy Campbell. “My office will continue to hold bad actors in the housing market accountable.” 



The settlement comes as a result of an antitrust lawsuit filed by the multistate coalition and the U.S. Department of Justice against revenue management software company RealPage, Inc. and six of the nation’s largest landlords as part of ongoing enforcement efforts targeting algorithmic coordination and other anticompetitive practices in rental markets nationwide. In their amended complaint, the coalition alleged that the landlords -- Greystar; Blackstone’s LivCor, LLC (LivCor); Camden Property Trust (Camden); Cushman & Wakefield, Inc. and Pinnacle Property Management Services, LLC (Cushman); Willow Bridge Property Company, LLC (Willow Bridge), and Cortland Management, LLC (Cortland) -- participated in an unlawful scheme to decrease competition in rental housing markets across the country, harming millions of renters. Together, these landlords operate more than 1.3 million units in 43 states and the District of Columbia. Greystar also reached a non-monetary settlement with the Department of Justice in August.  



Greystar, the largest landlord in the United States, manages nearly 950,000 rental units nationwide, including thousands of rental units in Massachusetts. AG Campbell and the coalition allege that through the use of RealPage’s software, Greystar and the other co-defendants shared competitively sensitive data to generate pricing recommendations using RealPage’s algorithms. They also discussed competitively sensitive topics -- including pricing strategies, rents, and selected parameters for RealPage’s software -- directly with each other.  



In addition to the monetary payment to the states, the proposed settlement, if approved by the court, would require Greystar to: 




  • Refrain from using any anticompetitive algorithm that generates pricing recommendations using its competitors’ competitively sensitive data or that incorporates certain anticompetitive features; 

  • Refrain from sharing competitively sensitive information with competitors; 

  • Accept a court-appointed monitor if it uses a third-party pricing algorithm that is not certified pursuant to the terms of the consent decree; 

  • Refrain from attending or participating in RealPage-hosted meetings of competing landlords; and 

  • Cooperate with the coalition’s claims against RealPage. 

     



Joining AG Campbell in reaching this settlement are the attorneys general of California, Colorado, Connecticut, Illinois, Minnesota, North Carolina, Oregon, and Tennessee. 



In Massachusetts, this matter is handled by Assistant Attorney General Katherine Krems and Deputy Division Chief Jennifer Greaney, both of AG Campbell’s Antitrust Division.