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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than any data publicly available to potential renters. RealPage then uses this data in generating

competitors’ pricing recommendations.
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55. Data shared through YieldStar and AIRM. Each AIRM and YieldStar client

agrees to share detailed data with RealPage that are private, updated nightly, and granular. The

data includes lease-level information on each unit’s effective rent (rent net of discounts), rent

discounts, rent term, and lease status, as well as unit characteristics such as layout and amenities.

It also includes the number of potential future renters who have visited a property or submitted a

rental application.

56. Landlords understand that AIRM and YieldStar use their data to recommend

prices not just for their own units, but also for competitors. For example, a revenue management

director at Greystar testified that she understood that Greystar, and other competing landlords

who used AIRM or YieldStar, agreed with RealPage to share their data, which was combined in

a single data pool for use by YieldStar and AIRM. An executive at Willow Bridge noted the

advantages to using YieldStar at a property if others in the property’s submarket—the small

geographic area around the property—also used YieldStar because “the shared data between the

models at different communities can be a benefit in getting accurate transactional data on a

timely basis.”

57. Landlords agree to provide this information for use by their competitors because

they understand they will be able to leverage the sensitive information of their rivals in turn. In

its pitch to prospective clients, RealPage describes AIRM’s and YieldStar’s access to

competitors’ granular, transactional data as a meaningful tool that it claims enables landlords to