A group of nine attorneys general, including North Carolina’s AG Jeff Jackson, said Thursday they had reached a settlement with the rental company Greystar. The group sued the company and several other property management firms earlier this year, alleging illegal rent fixing through the use of AI tools.
Greystar will pay $7 million to the group of nine states, Jackson’s office announced Thursday, and will stop using non-public data from other rental companies and RealPage, an AI software company, to determine rents.
“This settlement means that more than 25,000 renters in North Carolina are going to be charged fairer prices for rent at a time when housing costs are overwhelming,” Jackson said in a statement.
Under the settlement, Greystar will only be allowed to use third-party software or algorithms to price apartments under the supervision of a court-appointed monitor. The company will not share sensitive data with competitors in order to set rent prices, and will not attend meetings hosted by RealPage.
Greystar, headquartered in Charleston, South Carolina, is North Carolina’s largest landlord. The company has properties in Asheville, the Charlotte metro, the Cape Fear and Wilmington region, the Piedmont Triad and the Research Triangle, according to its website.
The lawsuit against RealPage and four other rental companies remains in court. It was filed in January alongside California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, Oregon and Tennessee.
RealPage is alleged to have used sensitive data to create a pricing algorithm that inflates rent and violates antitrust laws. The group of rental companies are alleged to have shared private information with RealPage and amongst themselves about prices and occupancy.
North Carolina in 2024 joined a separate federal suit against RealPage and a group of rental companies alleging antitrust violations under former AG Josh Stein, who is now governor.
That case also remains in court; Greystar and the federal government agreed to an August resolution with similar terms to the one finalized Thursday, and on Tuesday filed a joint motion with states to be dismissed from the 2024 suit.
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