Company that manages Worcester apartments agrees to settle with DOJ in rent-fixing case
In Worcester, Greystar Management Services LLC, a company based in Charleston, South Carolina, manages the 370-unit Alta on the Row complex, and two Main Street buildings: 206-unit The 6Hundred and 45-unit Colton Apartments, according to its website.
Under the agreement, Greystar will refrain from using "anticompetitive algorithms," which generate pricing using competitors' data, and also from sharing sensitive information with competitors.
The Justice Department called Greystar "the largest landlord in the United States" in an Aug. 8 statement.
"American greatness has always depended on free-market competition, and nowhere is competition more important than in making housing affordable again,' U.S. Attorney General Pamela Bondi said, according to a statement. 'We will continue to vigorously pursue President Trump's pro-consumer agenda.'
News of the settlement came less than two months after the Justice Department said Greystar had agreed to pay $1.4 million to resolve allegations that it had imposed illegal fees on military servicemembers who terminated their leases after receiving relocation orders.
The most recent settlement stems from a January complaint, when Greystone and as many as five other management companies were accused of sharing competitively sensitive data to generate pricing recommendations using algorithms from a property management software called RealPage.
Greystar and the other companies were also alleged to have discussed including pricing strategies, rents and selected parameters for RealPage's software.
The settlement requires Greystar to make the following commitments:
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.
In an Aug. 8 statement, Greystar said that the settlements "provide clarity for Greystar and the industry at large," while stressing that the company was within the limits of the law to use RealPage's revenue management software.
The company also points out that "the settlements contain no admission of wrongdoing."
Greystar alswo said it had reached an agreement to settle a lawsuit brought by a nationwide class of renters alleging similar claims.
"Greystar firmly believes that its use of RealPage's revenue management software complies with all applicable laws," the statement said. "That is why Greystar has vigorously defended itself in these matters and will continue to defend itself against any claims brought by regulators."
Housing costs have skyrocketed in Worcester, to the point that the city was ranked by Forbes as having the third-worst rental market in the country in February 2024, with the average montly price for rent estimated to be $1,995.
On Aug. 7, the city announced that it was offering $1.25 million in Community Preservation Act funds to developers to create new housing that's affordable for households earning up to 80% of the area's median income, "with a focus on reaching those at or below 60% and 30%."
City leadership's attempts to tackle affordability have included a petition looking to incentivize landlords by presenting tax breaks.
In a July City Council meeting, Mayor Joseph M. Petty said the number of units priced above $2,000 in the city has increased by 486% from 2013 to 2022.
This article originally appeared on Telegram & Gazette: Greystar Management Services reaches settlement on rent-fixing charges
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