RealPage has reached a settlement and consent judgment over the use of its algorithmic pricing system in the state of Nevada.
According to RealPage, the company is pleased that the resolution provides clarity for revenue management software use in the state while retaining the ability to continue offering solutions for the housing ecosystem. While RealPage denies the allegations made the Nevada attorney general, it resolved the matter to avoid the costs and distraction of potential litigation.
“We are gratified we found a path forward with the state of Nevada,” said president and CEO Dana Jones. “RealPage remains proud of the role we play in facilitating affordable housing for renters in Nevada, advocating for the responsible use of data across our industry, and standing up for our industry so that everyone, including renters and housing providers, in the housing ecosystem benefits.”
The proposed consent judgment includes:
- RealPage will contribute $200,000 to the state for distribution to one or more nonprofit or governmental organizations that provide downpayment assistance or rent reduction;
- No admission of wrongdoing or liability by RealPage as well as the release of all state attorney general claims against the company related to allegations about its revenue management products;
- RealPage may use nonpublic data of other unaffiliated properties in runtime operation of its revenue management software to calculate rent recommendations for properties in the state, only if the data is at least three months old, anonymized, and aggregated to at least 10 properties;
- The company’s revenue management software may use machine learning models trained with nonpublic data from properties in the state, only if that data is at least three months old; and
- The company will provide annual certifications of compliance to the state for the five-year term and maintain an antitrust compliance program with training for revenue management personnel.