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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experienced significant year-over-year increases since 2020 and outpaced the wider southern

region in 2023.

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Figure 3.

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46. Rent growth in Louisville was second highest amongst all U.S. markets in 2023

and spiked upward while rent growth was decelerating across the country.

Figure 4.

3. The Lexington-Fayette Market

47. The Lexington-Fayette Market is another significant multifamily housing market

in Kentucky. As of September 2022, it was the 85th largest multifamily market in the United

States, with 40,057 completed units and 6,425 units in development.

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48. Through its suite of business products, including RMS, RealPage collects and

shares pricing and occupancy information for a high concentration of multifamily residential

apartment units within the Lexington-Fayette Market, as self-reported by RealPage on its

website:

Figure 4.

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49. Widespread adoption of Defendant RealPage’s RMS has caused rent to increase

explosively in recent years. Rents for multifamily units in the Lexington-Fayette Market have

experienced significant year-over-year increases since 2020 and outpaced the wider southern

region in 2023.

Figure 5.

B. RealPage’s Revenue Management Solutions are Fueled by Non-Public,
Competitively Sensitive Information Shared by Landlords

50. RealPage dominates the market for commercial revenue management software

that landlords use to price apartments, controlling at least 80 percent of that market, according to

its own estimates. RealPage currently offers various revenue management systems to landlords,

including YieldStar, AIRM, and LRO.

51. The company’s main legacy software, YieldStar, is the product of three

acquisitions and subsequent internal development. Its successor, AIRM, uses much of the same