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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daily basis, their competitively sensitive information to RealPage. This nonpublic, material, and

granular rental data includes, among other information, a landlord’s rental prices from executed

leases, lease terms, and future occupancy.

10. RealPage collects a broad swath of such data from competing landlords, combines

it, and feeds it into an algorithm.

11. Based on this process and algorithm, RealPage provides daily, near real-time

pricing “recommendations” back to competing landlords. These recommendations are based on

the non-public, business sensitive information of their rivals. But these are more than just

“recommendations.” Because, in its own words, a “rising tide raises all ships,” RealPage

monitors compliance by landlords with its recommendations. RealPage also reviews and weighs

in on landlords’ other policies, including by trying to—and often succeeding in—ending renter-

friendly concessions (like a free month’s rent or waived fees) to attract or retain renters. A

significant number of landlords have effectively agreed to outsource their pricing function to

RealPage by turning on automatic acceptance of RealPage’s pricing suggestions (or other

settings) such that RealPage, as a middleman, and not the free market, determines the price that a

renter will pay. Competing landlords choose to share their information with RealPage to

“eliminate the guessing game” about what their competitors are doing and ultimately take
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instructions from RealPage on how to make business decisions to “optimize”—or in reality,

maximize—rents.

12. RealPage’s stated goals and value proposition are not a secret. Its executives are

blunt: They want landlords to “avoid the race to the bottom in down markets.” Sometimes