America’s Biggest Landlord Gets Fined Only 0.002% of Its Value for Alleged Price-Fixing

If you priced people out of their homes, maybe it’s time to price you out of your business.

By Braden Bjella

Published 3 weeks ago in Wtf

Greystar, the nation’s largest landlord, used a clever system for determining rent prices. Specifically, they would use a software called RealPage to see confidential information about things like rent prices in the area. Then, they could use that information to price their apartments, often right at the upper limit of what the market.


Anyone with more than a couple brain cells can see the problem here. If you control a lot of properties, and you have access to confidential rental information, you can use that knowledge to extract as much money from customers as possible — and that’s exactly what nine states allege they did.


Now, Greystar has agreed to both stop using this software and to pay a $7 million settlement. Isn’t that nice?


Well, not really. Why? Because Greystar’s own numbers claim they operate and manage $320 billion of real estate. Doing a little math, that means their punishment for playing a role in our skyrocketing housing prices is … 0.002% of its asset value.


Of course, that’s not the only punishment. Earlier this year, they agreed to another, higher settlement. Still, “higher” means just $50 million — and given that recent estimates put their revenue at around $12.8 billion, that means their total settlements for this action is less than half a percent of their revenue.


So, next time you commit a crime, just tell the cops you’re willing to give up 0.002% of your value as an apology. I’m sure it’ll go over great!

Scroll Down For More