ATLANTA (AP) — Greystar and 25 other property management companies have agreed to pay over $141 million to settle a class action lawsuit. The lawsuit accuses them of using rent-setting algorithms from RealPage to drive up housing costs. Greystar, the largest apartment owner in the U.S., would pay $50 million under the proposed settlement. The agreement, filed Wednesday in a Tennessee federal court, still needs a judge’s approval. The companies have also agreed to stop sharing nonpublic information with RealPage. All involved deny wrongdoing but will assist in the Department of Justice’s ongoing case against RealPage and other firms.
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