NASHVILLE, Tenn. (WKRN) — Tennessee has joined a multistate settlement proposal with the nation’s largest property management firm over allegations it unfairly rigged their prices for rental units.
According to Tennessee Attorney General Jonathan Skrmetti’s office, the proposed settlement with Greystar Management Services, LLC, resolves allegations of “anticompetitive practices that resulted in artificially-increased rents” for renters in Tennessee.
The property management giant reached a non-monetary settlement consent decree with 9 states, including Tennessee, according to the AG’s office.
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An investigation from a bipartisan coalition looked into Greystar’s participation in an “algorithmic pricing scheme” that allowed multiple property management companies to share their supply and pricing data among each other through a service called RealPage…