RealPage

People have a very difficult time finding rents, uh, uh, buying houses, those kinds of things.

You talk about in the book there is a company, uh, that surveys, I guess it's called RealPage, and it artificially increases people's rents, not based on what the market is suggesting, but by these, these algorithms that you're talking about.

Is, is that, is that still in use? Is that true?

Yeah, so at the end of the Biden administration, um, Jonathan Kanter, who was the head of the Antitrust Division, brought an algorithmic price-fixing case against RealPage.

And say what RealPage is and, and what it does.

Yeah, so RealPage is a real estate tech company.

It is Texas-based.

Um, it used to be publicly traded.

And then they give you the option to say, like, do I want to rent this for eight months or nine months or 10 months or 12 months or 13 months or 16 months? And it's a different price for every single one of those options.

That apartment complex was using a piece of software called RealPage.

RealPage recently settled a lawsuit with the Federal Trade Commission for price fixing and for engaging in a nationwide price fixing scheme to raise rents across the country.

And the way that the software fundamentally worked is they took in the rents from every single one of their clients, compared them all, and then sent a message back to every single one of those companies and said, hey, you should raise your rents by this amount.

Because they know that everyone else in the same geography who happens to be using their same software is also going to raise their rents by that amount.

But performance on the ground.

This is from a RealPage report.

It just came out on September 3rd.

This is on August data.

But is that really enough? There's still a lot of concessions and discounts going on.

We feel this in our own markets.

Now, the Midwest, according to this data, again, this is RealPage, is the Midwest has some of the least amount of concessions and is experiencing the least amount of negative rental pressure.

Not that it's all easy.

And we are seeing that play out in real time with some of the latest acquisitions, including Legora buying up Cadastral.

And then there are also RealPage buying up Cherry, but that's been RealPage's playbook for as long as we can remember.

And like this approach, what you're describing of becoming a monopoly in like a point solution, then growing from that has always been Peter Thiel's playbook.

Yeah.

You're listening

to a RealPage podcast.

Hello, everyone, and welcome to another episode of Multifamily Talks.

I'm Krista Hurley, industry principal at RealPage, and today we're recapping RealWorld 2026, RealPage's annual conference.

This year's event was located in Denver, Colorado, at the Gaylord Rockies Resort, and boy, was the theme on point.

It brought together multifamily leaders, operators, innovators, and technology experts for conversations about where the industry is today and where it's headed next.

And we took a little reprieve when COVID happened and then we hit a little tough spot in multifamily.

And so this year I was excited about the direction.

And it's not just the REITs, we see it in the private market as well.

RealPage data shows for the millions of units in their platform, rent income ratios for newly signers were at just 21.2% as of July.

All right, so what gives? Why the disconnect between what the headlines are telling us versus what the operators are telling us? Is one wrong? And no, they're both right.

But as many of you already know, they're measuring different things, different data sets.

All of us, anybody who's driven when you're in your 20s, early 30s, you want it all now, and it takes time to build it up.

But yeah, I remember that we did an interview when I had just been promoted to a manager role.

Greg Willett and I, when we were at RealPage, we were trying to bring you over, but I think you made the right decision for yourself.

And And for those listening, if you don't know this, so the chain was like Ron Witten ran MPF Research, which was at that, like you go back into the, you know, 80s, 90s, 2000s, like that was really the name for a part market research.

So we just kind of followed our customers and their requests and that's what we did.

So Yardi, RealPage, Appfolio, they sit at the center of most operators' tech stacks.

How does Boom coexist with them and where does that relationship go over time?

That's a great question.

Matt Reuter, so good to have you on the podcast.

You've built a world-class SDR academy at a billion-dollar prop tech company, RealPage, where your three-step program, launch, accelerate, and elevate, has catapulted 100-plus SDRs to the next level.

So let's get right into it.

Can you walk us through the three steps of your program at a high level?

And I'd love for you to riff on whether you do something different, um, and just to get your thoughts there.

And then we can also look at voicemail cause we can't skip the voicemail.

So, um, I might say something like, hey, Matt, this is Chris Kahn from RealPage.

We haven't met before, but do you have 30 seconds for me to share why I'm reaching out to you specifically? That's one I use, and it can work.