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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133. When activated, the market seasonality function changes unit-level prices across

the different possible lease terms regardless of whether the landlord accepts the AIRM or

YieldStar floor plan price recommendation.

134. RealPage determines for landlords an important input into lease expiration

management: the expirations threshold. This threshold influences the point at which expiration

premiums are added. The threshold calculation relies on nonpublic lease transaction data for the

property’s submarket and pulls from numerous RealPage products, including YieldStar, AIRM,

OneSite, Business Intelligence, and Performance Analytics with Benchmarking. Landlords

cannot adjust the expirations threshold.

135. Fueled by competitor data, expiration management results in “increased stability”

and “pricing power.” Using competitors’ data reduces the risk of overexposure that “could erode

rent roll growth.” By adjusting price recommendations based on how much total supply is

forecast in the market for a given time period, AIRM empowers landlords to charge higher prices

than they could without access to competitors’ nonpublic data.

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5. No Procompetitive Benefit Justifies, Much Less Outweighs,
RealPage’s Use of Competitively Sensitive Data to Align Competing
Landlords

136. AIRM and YieldStar do not benefit the competitive process or renters. Any

legitimate benefits of revenue management software can be achieved through less

anticompetitive means, and any theoretical additional benefits of AIRM and YieldStar are not

cognizable and outweighed by harm to the competitive process and to renters.

V. RELEVANT ANTITRUST MARKET

137. Conventional multifamily rental housing is a relevant product market.