California Attorney General Rob Bonta today, as part of a coalition of nine attorneys general, announced a $7 million settlement with Greystar Management Services LLC (Greystar), one of the property management companies named as a defendant in Attorney General Bonta’s ongoing antitrust lawsuit against software company RealPage. As part of today’s settlement, Greystar agrees to stop using software offered by any company, including RealPage, that uses competitively sensitive information to align rent prices. Greystar also agrees to cooperate in the ongoing prosecution of RealPage and other defendant landlords. Attorney General Bonta alleges that Greystar used RealPage’s revenue management system to align rental prices with competing landlords by illegally sharing and gathering confidential pricing information.
"Whether it’s through smoke-filled backroom deals or through an algorithm on your computer screen, colluding to drive up prices is illegal,” said Attorney General Bonta. “Families across the country are staring down an affordability crisis. Companies that intentionally fuel this unaffordability by raising prices to line their own pockets can be sure I will use the full force of my office to hold them accountable. California is stronger when we protect tenants and a competitive economy.”