Statement from RealPage: The Real Story
Company Addresses False Narrative Concerning Revenue Management Software
RealPage, a leading global provider of software and data analytics to the real estate industry, issued a statement to correct factual inaccuracies that have been reported related to its revenue management software and its impact on renters.
Starting in October 2022, false and misleading claims about RealPage and its revenue management software have been reported to the media and in legal filings. These factual inaccuracies threaten to undermine the essential benefits RealPage’s solutions provide to both renters and housing providers. In fact, RealPage’s revenue management software contributes to a healthier and more efficient rental housing ecosystem.
“The time is now to address a number of false claims about RealPage’s revenue management software, and how rental housing providers operate when setting rent prices,” said Dana Jones, RealPage CEO and President. “Housing affordability should be the real focus. RealPage is proud of the role our customers play in providing safe and affordable housing to millions of people. Despite the noise, we will continue to innovate with confidence and make sure our solutions continue to benefit residents and housing providers, alike.”
Housing affordability is the real problem
Housing affordability, including the lack of affordable rental housing, is a critically important national problem created by a host of complex economic and political forces, including:
- persistent undersupply of rental housing units,
- increasing demand for rental housing in many areas of the country,
- inflationary pressures that affect costs to build, insure and manage housing properties,
- inefficient or unnecessarily onerous permit and zoning requirements,
- higher mortgage rates and home prices driving more people to rent rather than own their own homes, and
- changes in where and how people choose to live.
Setting the record straight
Here are the facts about RealPage’s revenue management software solutions:
- RealPage revenue management software benefits both housing providers and residents.
- RealPage customers:
- decide their own rent prices,
- always have 100% discretion to accept or reject software price recommendations,
- are never punished for declining recommendations, and
- accept recommendations at widely varying rates that are far lower than has been falsely alleged.
- RealPage revenue management software makes price recommendations in all directions – up, down, or no change – to align with property-specific objectives of the housing providers using the software.
- RealPage revenue management software never recommends that a customer withhold vacant units from the market. In fact, properties using our revenue management products consistently achieve vacancy rates below the national average.
- RealPage uses data responsibly, including limited aggregated and anonymized nonpublic data where accuracy aids pro-competitive uses.
- RealPage revenue management software serves a much smaller portion of the rental market than has been falsely alleged.
RealPage revenue management software offers prospective residents and housing providers more options and flexibility in lease terms, aids compliance with Fair Housing laws, does not use any personal or demographic data to generate rent price recommendations, and helps ensure that prospective residents have access to the best pricing available to everyone.
RealPage has developed a resource center to educate stakeholders on the facts. Read more here: https://www.realpagepublicpolicy.com
Contacts
Jennifer Bowcock, SVP Communications & Creative for RealPage, Inc.
jennifer.bowcock@realpage.com / 408-768-8221
