Apartment giant Greystar and its affiliated companies have reached a proposed settlement with the Justice Department’s Antitrust Division to resolve antitrust claims related to Greystar’s use of RealPage’s revenue management software.

In its complaint against the Charleston, South Carolina-based operator, the DOJ alleged that Greystar and other landlords shared competitively sensitive data with Richardson, Texas-based RealPage’s revenue management program in order to align pricing, and also discussed sensitive information with each other directly. 

“Competitors cannot share competitively sensitive information or align prices to the detriment of American consumers,” Assistant Attorney General Abigail Slater said in the release. 

Greystar is the No. 1 apartment owner and manager in the country, with over 120,000 units owned and almost 950,000 under management, according to the 2025 National Multifamily Housing Council Top 50 lists. It is also the leading apartment developer, with 8,247 units started in 2024, and the No. 2 apartment builder, with 6,640 construction starts.

If approved the settlement would require Greystar to:

• Refrain from using any program that generates rent price recommendations using nonpublic and/or sensitive data from competitors or that incorporates certain anticompetitive features.
• Refrain from sharing sensitive information with competitors. 
• Accept a court-appointed monitor for any use of uncertified third-party pricing algorithms.
• Not attend meetings of competing landlords hosted by RealPage, or else report all details of the meeting to United States authorities.
• Cooperate with the United States’ monopolization claims against RealPage.

These restrictions will take effect on April 1, 2026, or 180 days after the entry of the final judgement, whichever is earlier. 

Greystar, in its own announcement, stated its belief that the company’s use of RealPage’s revenue management software is in compliance with all applicable laws. The company intends for this settlement to provide the multifamily industry with guidance around the government’s interpretation of the law regarding the technology.

“The industry continues to face litigation and unclear regulatory guidance around the use of revenue management tools,” the statement reads. “The settlements provide clarity for Greystar and the industry at large. They acknowledge the shifting regulatory landscape while reinforcing our ability to deliver bespoke advice and leverage technology.”

Greystar intends to defend itself against any regulatory claims and notes that its settlement does not contain any admission of wrongdoing. 

RealPage declined to comment on the settlement to Multifamily Dive, and Greystar declined further comment. 

The proposed settlement and a competitive impact statement will be published in the Federal Register, according to the DOJ, and will be open to public comment for 60 days. At the end of this period, the U.S. District Court for the Middle District of North Carolina will enter its final judgment on the proposal.