SAN DIEGO, CA — The law firms of Robins Kaplan, Scott+Scott, and Hausfeld have reached an agreement in principle with Greystar Management Services, LLC (“Greystar”) not to use confidential non-public competitor data in multifamily rental pricing, along with meaningful monetary relief for tenants across the country.
The settlement, reached simultaneously with the U.S. Department of Justice, marks a significant step toward resolving claims brought by renters in a multidistrict litigation pending in federal court.
The lawsuit alleged that Greystar and other major property management firms and property owners used RealPage’s algorithmic pricing tools in a manner that comingled competitively sensitive information, allowing it and its co-conspirators to suppress competition in the rental housing market, and drive up prices.
“This agreement represents meaningful relief for renters affected by the alleged practices,” announced Patrick Coughlin, Stacey Slaughter, and Swathi Bojedla, co-lead counsel for the plaintiffs. “We are pleased that Greystar has stepped forward to resolve these claims, and we commend the DOJ for its parallel efforts to protect competitive markets.”
The cash element of the settlement will be used to compensate tenants who were allegedly harmed by the coordinated-pricing practices. The agreement remains subject to the Court’s approval and will be presented to the Court as early as October.
About the Case
In re: Realpage, Inc., Rental Software Antitrust Litigation (No. II), 3:23-md-03071 is currently pending in the U.S. District Court for the Middle District of Tennessee, before Judge Crenshaw. The case consolidates multiple lawsuits filed by renters alleging violations of federal antitrust law related to the use of RealPage’s pricing algorithm.
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