Colorado, other states reach $7M settlement in rent-fixing case against major apartment manager in U.S.
Colorado and eight other states filed a proposed $7 million settlement with Greystar Management Services, LLC, one of the nation's largest apartment managers, on Wednesday. The settlement has been reached to resolve claims that the company participated in an anticompetitive scheme that drove up rental prices for Coloradans.
The settlement alleges that Greystar shared rent-setting algorithms that reduced competition among landlords so that renters could not shop around for a lower-priced lease.
"Coloradans are struggling to pay monthly rent. When corporate landlords share private data and use algorithms to coordinate and jack up rent prices, renters pay the price," said Colorado Attorney General Weiser in a statement. "This settlement sends a clear message: we will not tolerate practices that enable collusion, harm competition, and make housing less affordable for Coloradans."
The settlement stems from the multistate antitrust lawsuit filed in January 2025 against RealPage, Inc. and several of the nation's largest residential property managers, including Greystar. According to the Colorado Attorney General's Office, the lawsuit alleges that these companies used RealPage's algorithmic pricing software to share confidential information about rental rates and occupancy, which is illegal. That illegal coordination then alleges that companies were able to unfairly set rents in lockstep rather than setting prices independently, as competition laws require.
As part of the settlement proposal, which still needs to be approved by the court, Greystar will pay $7 million to the states involved in the settlement: California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, and Tennessee; and agree to strict new limits on using rent-setting algorithms and data-sharing platforms.
According to the Colorado Attorney General's Office, Greystar is specifically prohibited from using any revenue management software that relies on nonpublic, competitively sensitive data from other landlords to generate pricing recommendations. Colorado will receive more than $1 million from the settlement to support antitrust enforcement, consumer protection work, and related investigations, said Weiser.
The Colorado Attorney General's Office said this settlement resolves claims against Greystar, but litigation continues against RealPage and other corporate landlords.
In a separate settlement, Weiser joined the Federal Trade Commission to target Greystar for deceptively advertising apartment rents and charging hidden fees.
Greystar Management LLC is behind the story covered by CBS Colorado last year. In January 2024, Leticia Farrer, or "Letty" as she was known by friends and family, died just a few months after moving into her Loveland apartment. A couple of days later, the complex sent her family a bill of more than $4,000 on top of thousands of dollars in penalty fees and not refunding Letty's security deposit, claiming her death meant she broke her lease early.
