Press Releases

11/19/2025

Attorney General Tong Announces $7 Million Settlement with Largest U.S. Landlord Over Algorithmic Pricing Scheme

(Hartford, CT) -- Attorney General William Tong today joined a bipartisan coalition of nine states in filing a proposed $7 million settlement to resolve claims against Greystar Management Services LLC as part of the coalition’s ongoing enforcement against algorithmic coordination and other anticompetitive practices in rental markets across the country. Greystar reached a non-monetary settlement with the United States Department of Justice this August.

“When the largest landlord in the entire United States rigs the market with unfair and anticompetitive algorithms, it jacks up costs for everyone, everywhere. Today’s settlement begins to restore fairness to this broken system. We’re continuing to press our case against RealPage and other bad actors in the industry, and we will use the full weight of our law enforcement authority to give families a fair chance at an affordable home,” said Attorney General Tong.

Greystar, the largest landlord in the United States, manages nearly 950,000 rental units nationwide. As alleged in the complaint, Greystar and other landlords, including five co-defendants, shared competitively sensitive data to generate pricing recommendations using RealPage’s algorithms. Greystar and other landlords 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 consent decree, 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.

The case against RealPage and the remaining five landlords, Blackstone’s LivCor LLC; Camden Property Trust; Cushman & Wakefield Inc and Pinnacle Property Management Services; Willow Bridge Property Company LLC, and Cortland Management LLC is ongoing.

Joining Attorney General Tong in reaching this settlement were the attorneys general of North Carolina, California, Colorado, Illinois, Massachusetts, Minnesota, Oregon, and Tennessee.

Assistant Attorney General Julián Quiñones and Deputy Associate Attorney General/Chief of the Antitrust Section Nicole Demers assisted Attorney General Tong in this matter.

Twitter: @AGWilliamTong

Facebook: CT Attorney General

Media Contact:

Elizabeth Benton
elizabeth.benton@ct.gov

Consumer Inquiries:

860-808-5318
attorney.general@ct.gov