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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codebase as YieldStar, but RealPage claims that AIRM’s refined models and forecasting are

more precise. RealPage acquired its other revenue management software, LRO, in 2017.

52. Competitively sensitive data collected from competing landlords is a critical input

to RealPage’s revenue management software. AIRM and YieldStar collect this data, such as

rental applications, executed new leases, renewal offers and acceptances, and forward-looking

occupancy, and use it to generate price recommendations for the competing landlords. This

information is among the most competitively sensitive data a landlord maintains.

53. The exploitation of sensitive data from competing landlords is central to

RealPage’s approach. As part of pitching its software to landlords, RealPage highlights that its

pricing algorithms use their competitors’ data sourced directly from “lease transaction data.”

RealPage describes this nonpublic data from competitors as one of three “building blocks of

price” in AIRM and YieldStar. Landlords thus share their competitively sensitive information

with RealPage with the understanding that RealPage’s software will use the data to generate

recommendations for rivals (and vice versa).

1. Landlords Agree to Share Nonpublic, Competitively Sensitive
Transactional Data with RealPage for Use in Generating
Competitors’ Pricing Recommendations

54. RealPage amasses nonpublic, competitively sensitive data from competing

landlords through use of its pricing algorithms, other rental property software, and thousands of

monthly phone calls. The combined troves of nonpublic, competitively sensitive data are much

more granular, sensitive, timely, and comprehensive than alternatives—and far more detailed