Colorado and eight other states proposed a settlement this week with Greystar Management Services LLC, one of the nation’s largest apartment managers, to resolve claims that the company participated in a scheme that drove up rent, contributed to the ongoing housing crisis, and broke antitrust laws.
The proposed settlement stems from a lawsuit filed in January against several of the nation’s largest residential property managers, including Greystar. It alleged the company illegally used algorithmic pricing software to share confidential information about rental rates and occupancy with other real estate companies. This coordination enabled them to set rent prices across cities like Denver in lockstep, rather than setting prices independently, as antitrust laws require.
“Coloradans are struggling to pay monthly rent. When corporate landlords share private data and use algorithms to coordinate and jack up rent prices, renters pay the price,” said Attorney General Weiser in a press release. “This settlement sends a clear message: we will not tolerate practices that enable collusion, harm competition, and make housing less affordable for Coloradans.”…