Justice Department Settles with Greystar Over Algorithmic Pricing Scheme in Rental Markets
By
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Summary
The Justice Department has reached a proposed settlement with Greystar, the largest U.S. landlord, to end its involvement in an algorithmic pricing scheme. The settlement addresses claims of anticompetitive practices, including the sharing of competitively sensitive data to generate rental pricing recommendations through RealPage's algorithm. This action is part of broader enforcement efforts against such practices in rental markets.
Key quotes
· 3 pulledThe Justice Department’s Antitrust Division filed a proposed settlement today to resolve the United States’ claims against Greystar Management Services LLC.
Greystar, the largest landlord in the United States, manages almost 950,000 rental units across the country.
Greystar and other landlords, including five co-defendants, shared competitively sensitive data to generate pricing recommendations using RealPage’s algorithm.
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