I don’t think they’re talking about the price they’re renting the apartment for; I can’t imagine that number is secret in any meaningful sense of the word. Who rents an apartment without knowing the price?

I think they’re talking about more sensitive internal numbers. What are the costs and margins on the unit? How quickly are units moving at a certain price? What’s the turnover at particular prices?

I think the core mechanics bear some similarities to insider trading, with a third party “washing” the non-public information.

Another big one is when do the leases end for inventory control. RealPage is why Apartment dwellers report getting options to renew at cheapest price for odd number of months like 17. Realpage is trying to prevent a bunch of leases ending and flooding the market.

> I think they’re talking about more sensitive internal numbers. What are the costs and margins on the unit? How quickly are units moving at a certain price? What’s the turnover at particular prices?

Yeah that's my understanding of it too "competing landlords who agree to share with RealPage nonpublic, competitively sensitive information about their apartment rental rates and other lease terms".

I.e. realPage has an oracle view of all the lease ending times etc, so it knows for instance, this next July there's going to be very few availability, so boost all the rents by X%

I guess there's a "private price" if the apartment complex share what, after all negotiations, the renter ended up signing for. It can be more than what was on the public website, if they ended up signing for a shorter lease, or less if the apartment ended up needing to throw in "first month free" etc.

There's also private price of lease renewals done before the unit is put for rent on the website.