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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housing properties experiencing low occupancy rates, military regulations place them below five

higher-priority categories of potential renters, including active and retired military personnel.

B. Single-Family Housing Is Not a Reasonable Substitute for Multifamily Rentals

144. The multifamily industry, government regulators, and policy documents

distinguish between properties with at least five units, which are classified as “multifamily

housing” and those with fewer units, which are classified as “single-family rentals.”

145. The purchase of single-family or other types of homes is not a reasonable

substitute for conventional multifamily housing rentals. A former RealPage economist explained

that “the choice between renting and owning is first and foremost a life stage and lifestyle choice

over a financial one.” Single-family homes also generally require a substantial down payment. In

March 2023, a RealPage economist estimated an “entry premium” of $800 per month to home

ownership over rentals. According to a 2021 RealPage strategic planning guide, the “myth” that

people were abandoning multifamily properties for single-family homes is false, stating that

“rising home sales do not hurt apartment demand.” Single-family home sales are not reasonable

substitutes for conventional multifamily housing.

146. More broadly, renters living in conventional multifamily apartments will not

switch to single-family homes—purchases or rentals—because of a small increase in rent. The
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decision to move from an apartment building to a single-family home is primarily a life-stage

and lifestyle choice. For example, the decision by a household to have children may spur a move