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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RealPage is even more direct, acknowledging that its software is aimed at “driving every

possible opportunity to increase price” or observing that among landlords, “there is a greater

good in everybody succeeding versus essentially trying to compete against one another in a way

that actually keeps the entire industry down.”

13. That is not how the free market works. A free market requires that landlords

compete on the merits, not coordinate pricing. Landlords should win renters by offering

whatever combination of price and quality they think is most attractive. For example, landlords

could lower rents or provide other financial concessions, like free months of rent, or invest in

amenities like gyms, grilling areas, or pools. Put differently, the fear of losing a renter to a

competitor should motivate rival landlords to compete vigorously.

14. RealPage’s revenue management software ingests, on a daily basis, nonpublic

rental rates, future apartment availability, and changes in competitors’ rates and occupancy. As

competitor-landlords increase their rents, RealPage’s software nudges other competing landlords

to increase their rents as well. RealPage calls this “maximiz[ing] opportunity[.]”

15. In sum, RealPage is an algorithmic intermediary that collects, combines, and

exploits landlords’ competitively sensitive information. And in so doing, it enriches itself and

compliant landlords, including the Defendant Landlords, at the expense of renters who pay

inflated prices and honest businesses that would otherwise compete.
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16. From at least January 2016 through the present (the “Conspiracy Period”),

Defendants engaged in a conspiracy to fix and inflate the price of multifamily rental housing in