Colorado and Other States Secure $7 Million Settlement in Landlord Price-Fixing Case

Colorado and Other States Secure $7 Million Settlement in Landlord Price-Fixing Case

Colorado and several other states have reached a $7 million settlement with a major landlord accused of using software to coordinate rent prices illegally. The settlement, which still needs final approval, includes provisions to prevent the use of revenue management software that incorporates sensitive data from other landlords. Colorado would receive over $1 million from the settlement to support antitrust enforcement and consumer protection efforts. The remaining funds would be distributed among the other states involved in the lawsuit.

Greystar, the largest landlord in the country, recently settled another price-fixing lawsuit for $50 million. The lawsuit, initially filed by the U.S. Department of Justice and Colorado Attorney General Phil Weiser against RealPage, targeted the rent-setting software used by Greystar and other property management companies. Greystar settled with the Justice Department in August, while the rest of the litigation is ongoing.

RealPage's software has faced criticism for allegedly enabling price fixing and inflating rents. Colorado lawmakers have tried to ban the software in the state, with a recent attempt passing the legislature but being vetoed by Governor Jared Polis. Settlement talks are ongoing in a separate case against Greystar over hidden fees and misleading advertising. Stay informed about Colorado politics by subscribing to the weekly newsletter, The Spot.