AAR Legal Bulletin: Property Management Updates
January 12, 2026
Dear Alabama REALTORS®,
The Alabama Association of REALTORS® Legal Team is sharing an important update related to property management and federal antitrust laws. While the recent cases discussed below involve large national companies, the same legal rules apply to property managers and real estate businesses of any size, including individual licensees and small brokerages.
Federal regulators are currently focused on two key areas in the rental market: how rental prices are set and how rental prices and fees are advertised.
RealPage
One recent case involved RealPage, a company which provides rent-pricing software to property managers. In 2024, the U.S. Department of Justice (DOJ), along with seven state Attorneys General, sued RealPage alleging that it used non-public, rental pricing information from competing landlords to influence pricing decisions. Because the software relied on sensitive, non-public data shared by competing landlords, the DOJ argued this practice effectively amounted to RealPage facilitating price-fixing. A proposed settlement announced in November 2025, if approved by the court, would limit the use of private data and eliminate software features which discourage rent decreases or align pricing among competitors. Additionally, if approved, the proposed settlement would require that the data used to train RealPage’s algorithm be at least 12 months old. To read the full RealPage proposed settlement agreement, click here.
Greystar
A second case focused on rental advertising practices. The U.S. Federal Trade Commission (FTC) sued Greystar, the country’s largest multifamily unit property management company, alleging that it advertises only base rent while delaying disclosure of mandatory fees until later in the application process. According to the FTC, this practice misled renters about the true cost of a unit, leading to rent rates being significantly higher than advertised. The FTC argued this was a deceptive advertising practice because it routinely led to higher-than-expected prices for consumers. A proposed settlement would require Greystar to clearly disclose the total monthly cost of rental units and all mandatory fees before charging application or other upfront fees. Additionally, if approved, the proposed settlement would require Greystar to pay $24 million, $23 million of which would be used to compensate renters who were affected by Greystar’s advertising practices. To review the full Greystar proposed settlement agreement, click here.
Takeaways
Although these cases involve large companies, the DOJ and FTC can investigate and take action against businesses of any size.
Federal regulators are currently focused on two key areas in the rental market: how rental prices are set and how rental prices and fees are advertised.
RealPage
One recent case involved RealPage, a company which provides rent-pricing software to property managers. In 2024, the U.S. Department of Justice (DOJ), along with seven state Attorneys General, sued RealPage alleging that it used non-public, rental pricing information from competing landlords to influence pricing decisions. Because the software relied on sensitive, non-public data shared by competing landlords, the DOJ argued this practice effectively amounted to RealPage facilitating price-fixing. A proposed settlement announced in November 2025, if approved by the court, would limit the use of private data and eliminate software features which discourage rent decreases or align pricing among competitors. Additionally, if approved, the proposed settlement would require that the data used to train RealPage’s algorithm be at least 12 months old. To read the full RealPage proposed settlement agreement, click here.
Greystar
A second case focused on rental advertising practices. The U.S. Federal Trade Commission (FTC) sued Greystar, the country’s largest multifamily unit property management company, alleging that it advertises only base rent while delaying disclosure of mandatory fees until later in the application process. According to the FTC, this practice misled renters about the true cost of a unit, leading to rent rates being significantly higher than advertised. The FTC argued this was a deceptive advertising practice because it routinely led to higher-than-expected prices for consumers. A proposed settlement would require Greystar to clearly disclose the total monthly cost of rental units and all mandatory fees before charging application or other upfront fees. Additionally, if approved, the proposed settlement would require Greystar to pay $24 million, $23 million of which would be used to compensate renters who were affected by Greystar’s advertising practices. To review the full Greystar proposed settlement agreement, click here.
Takeaways
Although these cases involve large companies, the DOJ and FTC can investigate and take action against businesses of any size.
- Property managers should regularly review their policies, procedures, websites, and rental advertisements to ensure they are compliant with the most recent developments in federal and state law.
- Private rental data (especially pricing or pricing strategy) should not be shared with competitors, directly or indirectly.
- Rental advertisements should clearly reflect the total cost a renter will be required to pay, including all mandatory fees, and those fees should be disclosed early in the process rather than waiting until the lease agreement or application stage.
If you have any questions about either federal lawsuit or best practices as a property manager, please contact AAR’s Legal Line.