Nation’s largest property manager, Greystar, agrees to no longer set rents through RealPage as part of settlements 

Several legal cases involving the property management software RealPage (which is owned by the private equity firm Thoma Bravo) were settled toward the end of 2025. Some of those settlements involved the property manager Greystar, which settled in a major class action lawsuit, as well as lawsuits from nine state Attorneys General and the Department of Justice for the corporation’s alleged use of RealPage. RealPage has been accused of facilitating price collusion within the rental market by providing spaces for competing landlords to share rental prices. Since 2022, the backlash against RealPage has steadily grown, and the software corporation has been the subject of a Department of Justice lawsuit (with eight individual states serving as co-plaintiffs), over 25 class action lawsuits, and statewide bans in New York and California. RealPage is also banned in over 10 major cities and has been called out numerous times byprominent politicians.

Greystar is headquartered in South Carolina and is the largest property manager in the United States, managing almost 950,000 rental units across the country. Due to its usage of RealPage, Greystar was sued by the Department of Justice, individual states, and individual tenants for accusations of facilitating a rental monopoly and participating in sharing nonpublic data about tenants. The Department of Justice settled its lawsuit against Greystar in August 2025, with Greystar agreeing to stop using any “anticompetitive algorithm” that uses competitors’ pricing data to set its own rental prices and to stop sharing its sensitive information with competitors. In October 2025,  Greystar and 26 other landlords agreed to pay $141 million to settle the 26 class action lawsuits brought against them by tenants, and in November 2025, Greystar agreed to pay $7 million to settle in nine different states that brought lawsuits against the landlord. 

Settlement with Department of Justice 

In August 2024, the Department of Justice announced its lawsuit against RealPage with the bipartisan group of State Attorneys General representing the states of North Carolina, California, Colorado, Connecticut, Minnesota, Oregon, and Tennessee serving as co-plaintiffs. In January 2025, the DOJ amended the lawsuit to name Greystar along with the private equity landlords Cortland Management and Blackstone (LivCor) and three other corporate landlords. After being the subject of an FBI raid at its Atlanta headquarters Cortland Management has settled with the DOJ. The landlords added to the suit were accused of engaging in price collusion through utilizing RealPage to directly communicate with each other, sharing nonpublic information with competitors, and participating in RealPage’s “user groups,” for competing landlords. The DOJ also added the states of Illinois and Massachusetts to the suit. In August 2025, the Department of Justice announced it had reached a settlement with Greystar, with the landlord agreeing to 

• Refrain from using any anticompetitive algorithm that generates pricing recommendations using its competitors’ competitively sensitive data or that incorporates certain anticompetitive features;
• Refrain from sharing competitively sensitive information with competitors;
• Accept a court-appointed monitor if it uses a third-party pricing algorithm that is not certified pursuant to the terms of the consent decree;
• Refrain from attending or participating in RealPage-hosted meetings of competing landlords; and
• Cooperate with the United States’ monopolization claims against RealPage.

Class action lawsuit settlements 

As part of the nationwide efforts against RealPage, Greystar and 26 other landlords and property management companies were sued in numerous class action lawsuits by tenants in 2022 and  2023, alleging that Greystar violated antitrust law by sharing information with competing landlords. Twenty-one class action lawsuits were consolidated, and in October 2025, preliminary class action settlements were filed in the US District Court, Middle District of Tennessee – Nashville division,  showing that Greystar and the additional landlords had reached 26 class action settlements worth more than $141.8 million. In the settlement Greystar agreed to paying $50 million to tenants, the largest amount of all the landlords. Greystar and the additional landlords also agreed to restrict the data that they shared with RealPage and to cooperate with the plaintiffs as they pursue other legal claims against RealPage and other companies that remain the subject of additional class action lawsuits. The settlement still requires the judge’s approval. 

Individual state settlements 

In addition to the Department of Justice lawsuits, individual states have sued the corporate landlords accused of utilizing RealPage software. 

In November 2025, California Attorney General Rob Banta released a statement announcing that California and eight other states had reached a settlement with Greystar. The eight states in addition to California were North Carolina, Massachusetts, Connecticut, Illinois, Oregon, Minnesota and Tennessee. In his statement Attorney General Banta said that “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.” 

In the settlement, Greystar agreed to change its practices in the above states to

•  Refrain from using any anticompetitive algorithm that generates pricing recommendations using its rivals’ competitively sensitive data or that incorporates certain anticompetitive features;
• Refrain from sharing competitively sensitive information with competitors;
• Accept a court-appointed monitor if it uses a third-party pricing algorithm that is not certified pursuant to the terms of the consent decree;
• Refrain from attending or participating in RealPage-hosted meetings of competing landlords; and

Greystar also agreed to pay $7 million across the nine states, with different states receiving different portions. 

Colorado Attorney General Phil Weiser also released a statement on the settlement stating “This settlement sends a clear message: we will not tolerate practices that enable collusion, harm competition, and make housing less affordable for Coloradans.” 

On the settlement Minnesota Attorney General Keith Ellisonsaid “ RealPage’s information sharing helps landlords like Greystar bypass that free market by allowing those landlords to essentially coordinate prices with one another, which is both unfair to renters and flat out unlawful. I’m pleased to have reached a settlement that requires Greystar to stop participating in this scheme to rig the rental market, and I look forward to continuing this litigation to end these unjust practices and to make the market fairer for renters.”

Since it is the country’s largest property manager, Greystar being legally barred from utilizing RealPage in numerous states across the country signals that investment in Thoma Bravo could place pensioner’s bottom line at risk as well as the cost of settlement agreements. Additionally, the added scrutiny against RealPage continues to compound as individual states release statements weighing in on the software corporation’s impact on the housing market. When meeting with Thoma Bravo pension funds should ask how the private equity firm will continue to be profitable as the settlements against RealPage continue to pile up.