American owners settle the complaint they have used from rent rental algorithms to consumers at Gouge nationale for $ 141 million

Greystar, the largest owner in the country, would pay $ 50 million under the proposed settlement agreement, which was filed on Wednesday before a federal Tennessee court. The agreement would always require the approval of a judge.

Companies have also agreed to no longer share non -public information with Realpage for its rent algorithm – a key stipulation, because complainants say that Realpage used this information to allow owners to align their prices and advance rents.

“This represents a fundamental change in the multifamilial housing industry and will help reverse the type of anti -competitive coordination alleged in the complaint,” said lawyers in the regulation file.

All the companies involved in the regulations deny the reprehensible acts and have agreed to help the complainants in the current case against Realpage and more than a dozen other real estate management companies that have not reached regulations. Realpage and others also fought an antitrust trial tabled last year by the Ministry of Justice and several attorney general. Greystar reached a regulation in this case in August.

Collective appeal settlement funds would be distributed between millions of tenants included in the settlement class.

In a press release, Greystar said that these colonies “allow us to move forward and stay focused on the service of our residents and our customers”. Based in South Carolina, Greystar manages more than 946,000 units on a national scale, according to the National Multifamily Housing Council.

Realpage vehemently denied any reprehensible act and maintains that the complainants misunderstand the functioning of their product. Realpage, based in Texas, said that its software was used on less than 10% of rental units in the United States, and that its price recommendations are used less than half of the time.

“Although the proposed establishments … do not include Realpage, we are encouraged to see this case to go to the closure,” said Jennifer Bowcock, main vice-president of Realpage for communications, in a statement. “Realpage continues to believe that this dispute is baseless and that our income management products and their use of our customers have always been legal.”

Realpage Software provides daily recommendations to help owners and their employees assess their available apartments. The owners do not have to follow the suggestions, but the criticisms argue only because the software has access to a large mine of confidential data, it helps Realpage customers to invoice the highest possible rent.

Realpage argues that the real high rent driver is a lack of housing supply. It also indicates that its price recommendations often encourage owners to lower rents because owners are encouraged to maximize income and maintain high occupation.

Other defendants, BH Management, based in Iowa, would pay $ 15 million, while Simpson Property Group, based in Denver, would pay $ 6.5 million. The regulations of other companies are between $ 550,000 and $ 6 million.

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