Colorado and eight other states proposed a settlement this week with Greystar Management Services LLC, one of the nation’s largest apartment managers, to resolve claims that the company participated in a scheme that drove up rent, contributed to the ongoing housing crisis, and broke antitrust laws.
The proposed settlement stems from a lawsuit filed in January against several of the nation’s largest residential property managers, including Greystar. It alleged the company illegally used algorithmic pricing software to share confidential information about rental rates and occupancy with other real estate companies. This coordination enabled them to set rent prices across cities like Denver in lockstep, rather than setting prices independently, as antitrust laws require.
“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 in a press release. “This settlement sends a clear message: we will not tolerate practices that enable collusion, harm competition, and make housing less affordable for Coloradans.”
If the proposed settlement is approved by the court, Greystar will pay $7 million total to California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, North Carolina, Oregon, and Tennessee, as well as agree to strict new limits on its use of rent-setting algorithms and data-sharing platforms. The company has a total portfolio of over $79 billion in assets under management according to their website and generated more than $10.3 billion in revenue in 2025 according to Miracuves, an IT company that provides property management software.
The proposal also asks that Greystar be prohibited from using any revenue management software that relies on nonpublic, competitively sensitive data from other landlords to generate pricing recommendations.
Colorado would receive more than $1 million from the settlement to support antitrust enforcement, consumer protection work, and related investigations.
Attorney General Weiser said the work with partner states helps to restore fair competition in the housing market and protect renters from coordinated pricing schemes, something he hopes to continue statewide.
