RealPage reaches settlement with state of Nevada
November 18, 2025
There have been two recent settlements related to the public movement against RealPage, the property-management software purchased by private equity firm Thoma Bravo in 2021. RealPage has been accused of assisting landlords in artificially inflating rents through providing opportunities for competing landlords to collude on rent prices, potentially causing a monopoly in the housing market, resulting in higher rents. Since the publication of a Pro Publica article in 2022 detailing RealPage’s impact on the housing market, RealPage has been the subject of over 30 class action lawsuits and public letters and scrutiny by prominent Senators such as Elizabeth Warren, Bernie Sanders and Amy Klobuchar.The Department of Justice announced a lawsuit against RealPage in 2024, with a bipartisan group of 8 state AGs signing on as co-plaintiffs. In 2025, the DOJ amended the suit to include six corporate landlords including three private equity landlords Cortland Management, Blackstone, and Greystar. In addition to the DOJ lawsuits, several other states such as Washington, New Jersey, Arizona,Maryland, Kentucky announced individual lawsuits against RealPage along with the District of Columbia. Cortland Management and Greystar have already settled their DOJ lawsuits, while Blackstone has yet to settle.
On September 19, RealPage and the state of Nevada reached a settlement, with RealPage not admitting to any wrongdoing. In a press release RealPage stated that the corporation “denies the allegations made by the Nevada Attorney General and resolved this matter to avoid the costs and distraction of potential litigation.” At a press conference about the settlement, AG Ford stated that “ultimately, I believe this settlement will do real things for Nevada residents.” He also thanked his staff for working to “ensure that anyone who violates antitrust laws will be held accountable.”
The state of Nevada’s lawsuit against RealPage in Clark County alleged that RealPage had “substituted unity for rivalry,” and had “deprived Nevada tenants of the benefits of competition.” Nevada’s Attorney General Aaron Ford stated that RealPage’s business tactics “directly contribute to a lack of competition and restriction on free market benefits for Nevada renters.”
As part of the settlement RealPage is required to contribute $200,000 to the State of Nevada, to be distributed to organizations that provide rent or downpayment assistance to Nevada citizens. In the settlement (which solely applies to Nevada), RealPage also agreed to:
Only use nonpublic data on rent, availability, and occupancy that has been anonymized, is three months old, and includes at least ten different properties
Only publish nonpublic data to Nevada customers if the data is anonymized and includes data from at least ten different properties
RealPage can use machine learning models on nonpublic data if the data is at least three months old
Provide annual certifications of compliance to Nevada for five years
Maintain an antitrust compliance program and train revenue management staff on antitrust compliance
RealPage’s settlement in Nevada marks the first time the corporation has reached a settlement with a state due to allegations of price-fixing. This) could signal similar settlements in states that also filed individual lawsuits against RealPage. While the financial loss to RealPage appears to be minimal, these settlements could present a headline risk that impacts Nevada’s landlords willingness to utilize RealPage software in general.
To learn more about RealPage and Thoma Bravo, visit PESP’s page The Real Deal on RealPage
