Ky. Off. of the Att'y Gen., Complaint, Commonwealth v. RealPage, Inc. (filed July 2, 2025)

Citation: Ky. Off. of the Att'y Gen., Complaint, Commonwealth v. RealPage, Inc. (filed July 2, 2025)
Jurisdiction: Kentucky (state)
Source: Official source
Original Source: https://www.ag.ky.gov/Press%20Release%20Attachments/2025.07.02%20Realpage%20C... ↗

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5. At the same time, rents in Kentucky have significantly increased. For instance,

rent growth in Louisville was second highest amongst all U.S. markets in 2023. As of 2023,

47.5% of Kentucky renters are cost-burdened—meaning Kentucky renters consume at least

30% of their income on rent—up from 43.3% in 2019.

6. A family’s selection of an apartment reflects a complex set of values and criteria

including comfort, safety, access to schools, convenience, and critically, affordability. To ensure

they secure the greatest value for their needs, renters rely on robust and fierce competition

between landlords.

7. RealPage distorts that competition. In Kentucky, as it does across the United

States, RealPage sells landlords commercial revenue management software: RealPage’s Revenue

Management Solutions. RealPage’s Revenue Management Solutions include various software

programs, including Lease Rent Options (“LRO”), YieldStar, and AI Revenue Management

(“AIRM”). These programs will be referred to collectively herein as “Revenue Management

Solutions” or “RMS.”

8. RealPage develops, markets, and sells its Revenue Management Solutions to

enable landlords to sidestep vigorous competition to win renters’ business. As used in this

Complaint, the term “landlord” refers to a variety of entities that are responsible for setting rents
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and other lease terms at multifamily properties, including owners, operators, and managers of

multifamily housing facilities.

9. Many of the largest landlords in Kentucky, including BH, First Communities,

Greystar, Highmark, IRT, MAA, RPM, and Willow Bridge (collectively, the “Defendant

Landlords”), who would otherwise be competing with each other, submit or have submitted, on a