CHARLESTON, S.C. (WCSC) — Charleston-based Greystar Management Services LLC reached a settlement agreement with nine states Monday over allegations the company used algorithms to set rental prices instead of allowing market forces to determine rates.
The settlement, filed in U.S. District Court for the Middle District of North Carolina, resolves claims by attorneys general from North Carolina, California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, Oregon and Tennessee.
The states alleged that Greystar and other major apartment landlords used complex algorithms to set prices rather than allowing the market to set them…