Feds Sue to Stop Landlords' Secret Pricing Software Collusion
Published Date: 9/5/2025
Notice
Summary
The U.S. government is stopping Greystar from using software that shares secret pricing info with other landlords, which hurts competition. Greystar must also create rules to follow antitrust laws and help with the investigation. This change aims to keep rental prices fair and open, with public comments open for 60 days starting September 5, 2025.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Greystar banned from using pricing software
The proposed Final Judgment filed August 8, 2025 prohibits Greystar from licensing or using any revenue management software that relies on nonpublic, competitively sensitive landlord data. This is a court-ordered restriction tied to the United States' antitrust case (Complaint filed January 7, 2025).
No sharing of secret pricing with landlords
The proposed Final Judgment bars Greystar from sharing competitively sensitive information with other landlords. The complaint describes that such nonpublic data can include executed lease rents (net of discounts), lease terms, renewal information, and forward-looking occupancy data.
Government seeks to restore rental competition
The United States and multiple States filed a Complaint (January 7, 2025) and say they seek to rid markets of unlawful information-sharing and RealPage's alleged monopoly to restore free-market competition for renters and businesses. Plaintiffs state their goal is to return benefits of vigorous competition—like lower rents and better leasing terms—to individuals and families.
Greystar must adopt antitrust compliance and cooperate
Under the proposed Final Judgment filed August 8, 2025, Greystar must establish an antitrust compliance policy and cooperate with the United States in the litigation. The requirement is part of the remedy the government seeks to address unlawful information-sharing and pricing alignment.
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Key Dates
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