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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Certification includes observing and leading pricing calls with property managers and passing a

written exam. This certification program facilitates the landlords’ agreements with RealPage to

align pricing by ensuring that landlords’ internal revenue managers are trained and tested to use

AIRM and YieldStar in the same way.

C. RealPage Harms the Competitive Process and Renters by Entering into Unlawful
Agreements with Landlords to Share and Exploit Competitively Sensitive Data.

106. AIRM’s and YieldStar’s use of nonpublic, competitively sensitive data is likely to

harm, and has harmed, the competitive process and renters. AIRM and YieldStar distort the

competitive process by using nonpublic data to maximize pricing increases and minimize pricing

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decreases. AIRM and YieldStar incorporate special rules, called “guardrails,” that override the

ordinary functioning of the algorithms in ways that tend to push rival landlords’ rental prices

higher than would occur in a competitive market. RealPage presses landlords to curtail

“concessions” to renters. And AIRM and YieldStar’s “lease expiration management” features

aim to sequence vacancies to maximize landlords’ pricing power.

1. AIRM and YieldStar Have the Purpose and Effect of Distorting the
Competitive Pricing of Apartments

107. As RealPage frequently trumpets to landlords, “a rising tide raises all ships.”

AIRM and YieldStar ensure that the “tide” flows primarily one way—higher rental prices. In a

hot market, AIRM and YieldStar will recommend price increases to test what the market will

bear, while in a down market AIRM and YieldStar will, to the extent possible, still increase or

hold prices and minimize price decreases to reach the target occupancy rate.