Greystar, the nation’s largest apartment owner, Denver-based Simpson Property Group, and more than twenty other major property management companies have agreed to pay $141 million to settle a nationwide class-action lawsuit brought by renters.
The lawsuit claims these landlords used rent-setting software created by RealPage, Inc. to push rents higher in cities across the country. The settlement, reached in October 2025, is currently before a federal judge in Nashville and is awaiting final approval.
According to the renters who brought the case, RealPage’s software works by collecting non-public data from competing landlords — such as current rents, lease terms, and vacancy rates — and then recommending rent increases designed to maximize revenue.
A simple way to think about it is surge pricing. Just as food delivery apps raise prices when demand is high, the lawsuit alleges that RealPage’s system helped landlords figure out the highest rent the market would tolerate, rather than competing with one another on price.
The landlords involved in the settlement, including Greystar and Simpson, deny any wrongdoing. As part of the deal, however, they have agreed to cooperate with renters pursuing separate lawsuits against RealPage and other landlords who are not part of this settlement.
Colorado and several other states are pursuing their own cases against RealPage and large landlords. These cases are separate from the renter class action and focus on whether rent-setting algorithms illegally reduce competition. Importantly, those state cases are not resolved by this $141 million settlement.
RealPage has consistently denied that its software breaks the law. The company argues that its pricing recommendations are optional, are followed only some of the time, and that its tools lead to lower vacancies and more efficient markets.
Critics disagree. They argue that when competitors share sensitive pricing data through a common algorithm, competition is replaced with coordination, and renters are the ones who pay the price.
Not everyone is satisfied with recent settlements and enforcement efforts. Lawmakers and regulators in several states have warned that loopholes may still allow rent-setting software to influence prices. In response, states like California and New York have passed laws aimed at restricting or banning certain uses of algorithmic rent-pricing, and several cities have adopted similar rules.
For renters, the takeaway is simple: how rents are set is no longer just about supply and demand. It’s increasingly about software, data, and who controls it. And the legal fights over those tools are far from over.
