Attorney General Phil Weiser announces $7M settlement with Greystar for price-fixing scheme that drove up rents for Coloradans

Nov. 18, 2025 (DENVER) — Attorney General Phil Weiser today announced that Colorado and eight other states are filing a proposed $7 million settlement with Greystar Management Services, LLC, one of the nation’s largest apartment managers, to resolve claims that the company participated in an anticompetitive scheme that drove up rental prices for Coloradans by using shared rent-setting algorithms that reduced competition among landlords.

“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 Attorney General Weiser. “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. The lawsuit alleges that these companies used RealPage’s algorithmic pricing software to share confidential information about rental rates and occupancy. This illegal coordination enabled companies to unfairly set rents in lockstep rather than setting prices independently, as competition laws require.

Under the terms of the proposed consent decree, if approved by the court, Greystar will pay $7 million to the participating states and agree to strict new limits on its use of rent-setting algorithms and data-sharing platforms. Specifically, Greystar is 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.

The agreement follows similar action by the U.S. Department of Justice, which reached a proposed settlement with Greystar in August. Colorado and other settling states will have the right to participate in any cooperation that Greystar provides to the Justice Department in its antitrust case against RealPage.

While this settlement resolves the claims against Greystar, litigation continues against RealPage and other corporate landlords. Attorney General Weiser said he remains committed to working with partner states to restore fair competition in the housing market and protect renters from coordinated pricing schemes.

Joining Attorney General Weiser in reaching this settlement are the attorneys general of California, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, and Tennessee.

Read the proposed settlement (PDF).

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Media Contact:
Lawrence Pacheco
Chief Communications Officer
(720) 508-6553 office
lawrence.pacheco@coag.gov