SALEM, OR – Attorney General Dan Rayfield, as part of coalition of attorneys general, has filed a $7 million settlement to resolve claims against Greystar Management Services LLC, as part of ongoing enforcement efforts targeting price fixing involving housing rental prices across the country. Greystar reached a non-monetary settlement with the U.S. Department of Justice in August.
Greystar manages nearly 950,000 rental units nationwide. According to the coalition, Greystar and other large landlords shared sensitive data and relied on RealPage’s pricing algorithm to coordinate rent increases rather than competing independently. The complaint also alleges that Greystar and others discussed pricing strategies, rent levels, and parameters for RealPage’s software directly with one another—reducing competitive pressure and making rents higher than they otherwise would have been.
“We’re in the middle of a housing crisis, and families are already stretched to their limits,” said Attorney General Rayfield. “When the largest landlord in America uses an algorithm to price fix the rent, the result is simple: people pay more. It squeezes working families when the cost of housing is already at an all-time high. This settlement holds the largest U.S. landlord accountable. It’s a win for Oregonians, our pocketbooks, and the rule of law.”…