RealPage Rental Software Antitrust Settlement $359.9M

A $359,925,000 settlement has been proposed for renters who paid rent at properties using certain RealPage revenue-management software, resolving antitrust claims that rents were inflated.

RealPage Rental Software Antitrust Settlement $359.9M
deadline January 29th, 2027
no proof Varies
with proof Varies
status Proposed
Note: This is an informational summary only. Official terms, full details, and claim forms are on the administrator site and court documents.

Benefit Summary

Eligible claimants may receive a cash payment distributed pro rata based on rent paid during the class period at covered properties, subject to adjustment based on estimated overcharges under the Plan of Allocation. The settlements also require changes to certain business practices.

Maximum Award

Varies; pro rata based on rent paid and the Plan of Allocation

Who Is Included

All persons and entities in the United States and its territories who paid rent on at least one multifamily residential real estate lease directly to an owner, manager, or owner-operator at a property subject to a license for RealPage's Revenue Management Solutions, Lease Rent Options (LRO), YieldStar (YS), and/or AI Revenue Management (AIRM) from October 18, 2018 through November 21, 2025. A renter may be a class member even if the building is not on the Property List, but payment eligibility requires renting a unit on the Property List. Exclusions apply as detailed in the notice.

  • Proof required: Supporting documentation may be required, depending on the claim.

How to File a Claim

  • Claim method: Online or Mail
  • Claim deadline: 2027-01-29
  • Instructions: Submit a completed Claim Form and any required supporting documentation online at the settlement website or by mail to the Settlement Administrator by 11:59 p.m. EST on January 29, 2027.

Case Details

  • Case name: In Re: RealPage, Inc., Rental Software Antitrust Litigation (No. II)
  • Case number: 3:23-MD-3071
  • Court: United States District Court for the Middle District of Tennessee, Nashville Division
  • Official Settlement Website: https://www.RealPageRentalSettlement.com

Sources

Official Settlement Website
Claim form, FAQ, deadlines, administrator information
Visit Site →
Official Settlement Notice (PDF)
Court-approved notice describing eligibility and benefits
Open PDF →

Official Notice

Read the notice PDF or the text version below.

Official Notice PDF
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                                  UNITED STATES DISTRICT COURT
                                  MIDDLE DISTRICT OF TENNESSEE
                                       NASHVILLE DIVISION

   IN RE: REALPAGE, INC., RENTAL                             Case No. 3:23-MD-3071
   SOFTWARE ANTITRUST LITIGATION                             MDL No. 3071
   (NO. II)
                                                             This Document Relates to:
                                                             ALL CASES

                                                             Judge Waverly D. Crenshaw, Jr.



                       NOTICE OF CLASS ACTION SETTLEMENTS
            A Federal Court authorized this Notice. This is not a solicitation from a lawyer.

   If you paid rent on a multifamily residential real estate lease directly
       to any owner, manager and/or owner-operator on a property
    subject to a license for RealPage’s Revenue Management Solutions,
   Lease Rent Options (“LRO”), YieldStar (“YS”), and/or AI Revenue
    Management (“AIRM”), from 10/18/2018 through 11/21/2025, class
      action settlements totaling $359,925,000 may affect your rights.
                   Your legal rights may be affected. Please read this notice carefully.
   •   The Court preliminarily approved proposed settlements (“Settlements”) that have been reached
       with certain Defendants named in this litigation (the “Settling Defendants”). 1
   •   Plaintiffs alleged that the Defendants violated federal and state antitrust laws by conspiring to
       fix and inflate the price of multifamily rental housing across the United States and its territories.
       Settling Defendants deny all allegations of wrongdoing.


   1
    Settling Defendants are Allied Orion Group, LLC; Apartment Income REIT Corp. d/b/a AIR Communities; Avenue5
   Residential, LLC; Bell Partners, Inc.; BH Management Services, LLC; Bozzuto Management Co.; Brookfield
   Properties Multifamily LLC; Camden Property Trust; CH Real Estate Services, LLC; CONAM Management
   Corporation; Cortland Management, LLC; Crow Holdings, LP; Trammell Crow Residential Co.; CWS Apartment
   Homes, LLC; ECI Management, LLC; Equity Residential; First Communities Management, Inc.; FPI Management,
   Inc.; Greystar Management Services, LLC; Highmark Residential, LLC; Kairoi Management, LLC; Knightvest
   Residential; Lantower Luxury Living, LLC; Lincoln Property Co.; Mid-America Apartment Communities, Inc.; Mid-
   America Apartments L.P.; Mission Rock Residential, LLC; Pinnacle Property Management Services, LLC;
   Prometheus Real Estate Group, Inc.; Rose Associates, Inc.; RPM Living, LLC; Sares Regis Management Company,
   L.P.; Security Properties Residential, LLC; Sherman Associates, Inc.; Simpson Property Group, LLC; The Related
   Companies, L.P.; Related Management Co., L.P.; Thrive Communities Management, LLC; Windsor Property
   Management Co.; WinnCompanies, LLC; WinnResidential Manager Corp.




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   •   The Court has not decided who is right or wrong. Instead, Plaintiffs and Settling Defendants
       agreed to these Settlements to avoid the risk and cost of further litigation.
   •   If approved by the Court, the Settlements will establish a $359,925,000 Settlement Fund. 2
       Settling Defendants have also agreed to change their business practices in the multifamily
       rental housing market.
   •   There will be no payments at this time. If the Court enters Final Approval of these Settlements,
       money will be distributed at a later date.




   2
    All capitalized terms in this Notice shall have the same meaning provided for as in the Settlement Agreements,
   unless stated otherwise.



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     SUMMARY OF YOUR LEGAL RIGHTS AND OPTIONS IN THESE SETTLEMENTS

    FILE A CLAIM
                           •   Submitting a claim is the only way to be eligible to receive payment
                               from Settlements.
          ~
                           •   Be bound by the Settlements.
 SUBMIT ONLINE OR
                           •   Give up your right to sue or continue to sue the Settling Defendants for
    RECEIVED BY
                               the claims released in the Settlements but be eligible to participate in
 JANUARY 29, 2027              future settlements.
EXCLUDE YOURSELF
                           •   Remove yourself from the Settlement Class.
    (“OPT OUT”)
                           •   Receive no money from the Settlements.
         ~
                           •   Retain the right to sue the Settling Defendants for the claims released in
    RECEIVED BY
                               the Settlements.
SEPTEMBER 1, 2026
   OBJECT TO THE
   SETTLEMENTS             •   Tell the Court why you don’t like the Settlements or anything else
          ~                    referenced in this Notice.
      FILED BY             •   Remain a Settlement Class Member
SEPTEMBER 1, 2026

    ATTEND THE             •   Attend the Fairness Hearing (optional).
 FAIRNESS HEARING          •   Ask to speak to the Court about the fairness of the Settlements (optional).
  ON OCTOBER 15,           •   Please monitor the Settlement Website at
        2026                   www.RealPageRentalSettlement.com for updates on the date and
    (OPTIONAL)                 location of the Fairness Hearing.

                           •   Receive no money from these Settlements.
                           •   Give up your right to sue the Settling Defendants for the claims released
    DO NOTHING                 in the Settlements.
                           •   Be bound by the Settlements.
                           •   Retain the right to submit a claim in any future settlement.




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                            WHAT THIS NOTICE CONTAINS
   BASIC INFORMATION ……………………………………………….……...….……PAGE 4
   THE SETTLEMENT BENEFITS………………………………………………………PAGE 6
   EXCLUDING YOURSELF FROM THE SETTLEMENTS………………………….PAGE 7
   OBJECTING TO THE SETTLEMENTS………………………………………...……PAGE 8
   THE LAWYERS REPRESENTING YOU………………………………………...…PAGE 10
   THE COURT’S FAIRNESS HEARING……………………………………………...PAGE 11
   IF YOU DO NOTHING…………………………………………………………….….PAGE 12
   GETTING MORE INFORMATION……………………………………………...….PAGE 12

                                     BASIC INFORMATION
   1.      Why did I get this notice?
   This Notice explains the proposed Settlements in a class action lawsuit called In Re: RealPage,
   Inc., Rental Software Antitrust Litigation (No. II), 3:23-MD-3071 3 (the “Action”), and the legal
   rights and options that you might have as a potential member of the Settlement Class.
   This case is pending in the United States District Court for the Middle District of Tennessee,
   Nashville Division, the Honorable Waverly D. Crenshaw, Jr., presiding. This Notice is not an
   opinion of the Court regarding the claims in this Action, and the Court must still decide whether
   to finally approve the Settlements.
   You have received this Notice because you may be a member of the Settlement Class. To find
   out if you are a member of the Settlement Class, see Question 5, below.

   2.      What is this lawsuit about?
   Plaintiffs in this Action are individuals who rented multifamily residential housing in the United
   States or Puerto Rico. Multifamily housing refers to residential property with more than one
   residential rental unit and is also known as a multi-dwelling unit (e.g., apartment buildings).
   Plaintiffs allege that Defendants participated in an unlawful conspiracy to fix and inflate rental
   prices for multifamily residential housing in the United States and exchanged competitively
   sensitive information about rental pricing and leasing, all in violation of federal and state antitrust
   laws. 4 Plaintiffs further allege that, as a result of Defendants’ unlawful actions, Plaintiffs and the
   Settlement Class were overcharged for their rents and had fewer places available to them for rent.

   3
    The actions currently centralized in MDL No. 3071 include Case Nos. 3:22-cv-01082; 3:23-cv-00332; 3:23-cv-
   00357; 3:23-cv-00378; 3:23-cv-00413; 3:23-cv-00552; 3:23-cv-00742; and 3:23-cv-00979.
   4
    Defendants are Essex Property Trust, Inc.; Independence Realty Trust, Inc.; Morgan Properties Management Co.,
   LLC; RealPage, Inc.; Thoma Bravo L.P.; Thoma Bravo Fund XIII, L.P.; Thoma Bravo Fund XIV, L.P.; UDR, Inc.;
   and ZRS Management, LLC and Settling Defendants.




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   A copy of the Second Amended Consolidated Class Action Complaint, setting out the details of
   the conspiracy and the claims asserted is available at www.RealPageRentalSettlement.com.
   Settling Defendants deny Plaintiffs’ allegations and any purported wrongdoing in connection with
   the facts and claims that have been or could have been alleged in the Action. Settling Defendants
   also assert that they have valid defenses to Plaintiffs’ claims.

   3.      Why is this lawsuit a class action?
   In a class action, people or businesses called plaintiffs acting as class representatives sue not only
   for themselves but also on behalf of other people or businesses with similar legal claims. Together,
   all people or businesses with similar claims and interests form what is called a class, and the people
   or businesses included are called class members (if the class is certified by a court). One court
   resolves the issues for all class members. In this case, ten Plaintiffs have been appointed to act as
   representatives of the Settlement Class (“Settlement Class Representatives”) by the Court.

   4.      Why is there a Settlement?
   Plaintiffs and Settling Defendants have agreed to settle the case to avoid the delays, costs, and the
   risk of trial, and any appeals that could follow a trial. The Settlements allow Settlement Class
   Members to potentially receive compensation, subject to Court approval, rather than risk
   ultimately receiving nothing. Plaintiffs and Settlement Class Counsel (see Question 15, below)
   believe the Settlements are in the best interests of all members of the Settlement Class.

   5.     How do I know if I am part of the Settlement Class?
   Pursuant to the Court’s Preliminary Approval Order, the Settlement Class is defined as follows:
           All persons and entities in the United States and its territories who paid rent on at
           least one multifamily residential real estate lease directly to any owner, manager
           and/or owner-operator (including to any division, subsidiary, predecessor, agent
           or affiliate of any owner, manager and/or owner-operator) on a property subject to
           a license for RealPage’s Revenue Management Solutions, Lease Rent Options
           (“LRO”), YieldStar (“YS”), and/or AI Revenue Management (“AIRM”)
           (“RealPage’s RMS”) at any time during the period of October 18, 2018 through
           November 21, 2025 (the “Settlement Class Period”).

           Specifically excluded from this Class is any Settlement Class Member who
           submits a valid and timely request for exclusion that is accepted by the Court;
           Defendants; any entity licensing RealPage’s RMS, the officers or directors of any
           entity licensing RealPage’s RMS and any entity in which any entity licensing
           RealPage’s RMS has a controlling interest; any affiliate, legal representative, heir
           or assign of any entity licensing RealPage’s RMS; federal, state, or local
           governments; states and their subdivisions, agencies, and instrumentalities; any
           judicial officer presiding over this Action and the members of his/her immediate
           family and judicial staff; and any juror assigned to this Action.

   If you are not sure whether you are part of the Settlement Class, visit
   www.RealPageRentalSettlement.com to see if your residential lease was in a building that might
   be covered by the Settlements (“Property List”). Even if your building is not on the Property List,



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   you may still be a member of the Settlement Class and may submit a claim for consideration;
   however, you are eligible for a payment from the Settlement Fund only if you rented a unit on the
   Property List.
   For more information, you can contact the Settlement Administrator by phone, email, or mail:
          Toll-Free: 1-888-995-4213
          Email: [email protected]
          Mail: RealPage Rental Software Litigation, Settlement Administrator,
          P.O. Box 59, East Brunswick, NJ 08816-9998

   PLEASE NOTE: Receipt of this Notice or the fact that you rented from a property on the Property
   List does not mean that you are a Settlement Class Member or that you are entitled to receive
   proceeds from the Settlements. If you are a Settlement Class Member and wish to be eligible to
   participate in the distribution of proceeds from the Settlements, you are required to submit a Claim
   Form and any required supporting documentation, which must be submitted online or received by
   11:59 p.m. EST on January 29, 2027.

                            THE SETTLEMENT BENEFITS
   6.       What do these Settlements provide?
   Under this group of Settlements, Settling Defendants agreed to provide $359,925,000 in cash into
   a Settlement Fund for the benefit of the Settlement Class. The money in the Settlement Fund,
   including any interest earned thereon, will be used to pay: (i) Taxes and any Tax Expenses; (ii)
   Notice and Administration Expenses as authorized by Settlements and approved by the Court; and
   (iii) attorneys’ fees, costs, expenses, and service awards as approved by the Court; and (iv) any
   other fees, expenses, or costs approved by the Court. All funds that remain after payment of these
   items are called the “Net Settlement Fund.” The Net Settlement Fund will be distributed at the
   conclusion of the lawsuit or as ordered by the Court.
   The Settlements also provide important non-monetary relief that changes how Settling Defendants
   participate in the multifamily housing rental market. Settling Defendants agreed not to provide
   nonpublic data to RealPage for use in competitor pricing recommendations and to refrain from
   using RealPage software that relies on nonpublic competitor data to make rental pricing
   recommendations. Settling Defendants have also agreed to provide cooperation, including, among
   other things, sitting for depositions, authenticating documents, and providing trial testimony as the
   case proceeds against the remaining Defendants who have not settled. Additionally, most Settling
   Defendants have agreed to waive any right to enforce arbitration clauses, class action waivers, and
   jury trial waivers against Settlement Class Members and as to the claims at issue.

   7.     How do I ask for money from these Settlements?
   To be eligible for a payment from the proceeds of the Settlements, you must be a Settlement Class
   Member, and you must timely complete and return the Claim Form and any supporting
   documentation, if applicable, which must be submitted online through the Settlement Website or
   received by 11:59 p.m. EST on January 29, 2027. A Claim Form is available on the Settlement
   Website at www.RealPageRentalSettlement.com or you may request that a Claim Form be mailed


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   or   emailed   to    you     by    contacting       the    Settlement         Administrator      at
   [email protected] or toll free at 1-888-995-4213.
   No money will be distributed to Settlement Class Members at this time, but you must submit
   your claim by the deadline in order to have your claim considered.

   8.      How much money will I get?
   At this time, it is not known whether, or precisely how much, each Settlement Class Member will
   receive from the Net Settlement Fund or when payments will be made. The amount of your
   payment, if any, will be determined by the Plan of Allocation proposed by Plaintiffs and approved
   by the Court. The detailed Plan of Allocation, which is incorporated by reference into this Notice,
   is available at www.RealPageRentalSettlement.com and can be mailed or emailed to you by
   contacting the Settlement Administrator at [email protected] or toll-free at 1-
   888-995-4213. The Plan of Allocation provides that the Net Settlement Fund will be distributed
   on a pro rata basis based on rent paid during the Class Period on any rental property subject to a
   license for RealPage’s RMS, subject to adjustment based on estimated overcharges as detailed in
   the Plan of Allocation.

          EXCLUDING YOURSELF FROM THE SETTLEMENTS
   9.      How do I exclude myself from the Settlement Class?
   If you are a member of the Settlement Class and do not want to remain in the Settlement Class and
   release your claims against the Settling Defendants and Releasees, and do not want money from
   the Settlements, then you must take steps to exclude yourself from the Settlements. This is
   sometimes referred to as “opting out” of a class. The Court will exclude from the Settlements all
   members of the Settlement Class who submit valid and timely requests for exclusion.
   If you exclude yourself, you will not be able to receive any money from these Settlements.
   However, this is the only way you will retain your rights to sue any of the Settling Defendants and
   the Releasees on your own, based on the Released Claims as defined in the Settlements.
   You can exclude yourself by sending a written “Request for Exclusion” to the Settlement
   Administrator. To be valid, your Request for Exclusion must be received by the Settlement
   Administrator at the address below no later than 11:59 p.m. EST on September 1, 2026.
                                 RealPage Rental Software Litigation
                                      Attn: Exclusion Request
                                            P.O. Box 59
                                   East Brunswick, NJ 08816-9998

   Your Request for Exclusion must: (i) be submitted in writing (you cannot exclude yourself by
   telephone or email, even to the Settlement Administrator); (ii) be hand-signed by the person or
   entity requesting exclusion or authorized representative of the person or entity seeking exclusion
   (electronic signatures in any form will not be considered valid signatures); (iii) include the full
   name, address, phone number, and email of the person or entity seeking exclusion; (iv) include
   proof of membership in the Settlement Class; and (v) include a statement that “I/we hereby request
   I/we be excluded from the Settlements involving the Settling Defendants in the Action entitled: In


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                                                   7
   re: RealPage, Inc., Rental Software Antitrust Litigation (II), Case No. 3:23-MD-3071.”
   Submissions seeking mass exclusion (one submission with multiple individuals seeking exclusion
   and a single signature) will not be accepted.
   Proof of membership in the Settlement Class may be established by: providing your Notice ID (if
   you received one); providing the name and/or address of property(ies) from which you rented
   during the Settlement Class Period; submitting your lease agreement; proof of renter’s insurance;
   rent renewal letters; a rent ledger from the landlord/portal; official move-in/move-out statements;
   payment confirmations from a resident portal; bank statements showing rent payments (with
   unrelated lines redacted); canceled checks; money order receipts; or other information
   demonstrating that you rented in the Settlement Class Period, October 18, 2018 through November
   21, 2025.

   10.    If I do not exclude myself, can I sue Settling Defendants and the other Releasees for
          the same thing later?
   No. Unless you exclude yourself, you give up any right to sue the Settling Defendants and
   Releasees for the Released Claims as defined in the Settlements.

   11.    If I exclude myself from the Settlement Class, can I get money from these Settlements?
   No. You will not get any money from these Settlements if you exclude yourself. Only members of
   the Settlement Class who do not exclude themselves are eligible to receive money from these
   Settlements.

   12.     If I exclude myself from the Settlements, can I still object?
   No. If you exclude yourself, you are no longer a member of the Settlement Class and may not
   object to any aspect of the Settlements.

                        OBJECTING TO THE SETTLEMENTS
   13.     How do I tell the Court if I do not like the Settlements?
   If you are a member of the Settlement Class and do not exclude yourself, you can object to any
   part or any one of the Settlements.
   If you are a member of the Settlement Class and do not exclude yourself, you may also object to
   the Plan of Allocation, Settlement Class Counsel’s request for attorneys’ fees, costs, and expenses,
   or Service Awards. If you do not provide a written objection in the manner described below, you
   shall be deemed to have waived any objection and shall forever be foreclosed from making any
   objection to the fairness, reasonableness, or adequacy of the Settlements, the Plan of Allocation,
   request for attorneys’ fees, costs, and expenses, or Service Awards.
   To object, you must timely file a written objection that includes the following:
         •   The name of the Action - In re: RealPage, Inc., Rental Software Antitrust Litigation (II),
             Case No. 3:23-MD-3071;
         •   The name you used at the time you rented the property(ies);
         •   The building name of the rental property(ies) (if available), its address, and time period
             during which you rented from the rental property(ies);


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       •   Proof of membership in the Settlement Class, such as your lease agreement; proof of
           renter’s insurance; rent renewal letters; a rent ledger from the landlord/portal; official
           move-in/move-out statements; payment confirmations from a resident portal; bank
           statements showing rent payments (with unrelated lines redacted); canceled checks; money
           order receipts; or other information demonstrating that you rented in the Settlement Class
           Period, October 18, 2018 through November 21, 2025.
       •   Description of each objection, including the specific ground(s) for each objection; any
           applicable legal authority supporting each objection(s); and any documentation or
           supporting evidence for each objection(s) you wish the Court to consider;
       •   Your full name, address, email address, and telephone number;
       •   State whether you have ever objected to another settlement and, if so, please identify the
           action(s) by case name, case number, and jurisdiction in which you filed an objection;
       •   A statement indicating whether you intend to speak at the Final Fairness Hearing (either
           personally or through counsel); and
       •   A declaration under penalty of perjury that the information provided is true and correct.
   You cannot make an objection by telephone or email. You must file your written objection
   with the Clerk of Court (mailing address below) no later than 11:59 p.m. on September 1, 2026.
   You must also mail a copy of your objection to Settlement Class Counsel at the addresses listed
   below no later than 11:59 p.m. on September 1, 2026.

     COURT                              SETTLEMENT CLASS COUNSEL
     Office of the Clerk of Court       RealPage Antitrust Settlement
     Fred D. Thompson U.S.              c/o Patrick J. Coughlin
     Courthouse and Federal             SCOTT+SCOTT ATTORNEYS AT LAW LLP
     Building                           600 West Broadway, Suite 3300
     719 Church Street, Suite 1300      San Diego, CA 92101
     Nashville, TN 37203
     ATTN: RealPage, Case No.           RealPage Antitrust Settlement
     3:23-MD-3071                       c/o Stacey Slaughter
                                        ROBINS KAPLAN LLP
                                        800 LaSalle Avenue, Suite 2800
                                        Minneapolis, MN 55402

                                        RealPage Antitrust Settlement
                                        c/o Swathi Bojedla
                                        HAUSFELD LLP
                                        1200 17th St NW, Suite 600
                                        Washington, DC 20036

   If you do not timely and validly file your objection(s), your objection(s) will not be considered by
   the Court or any court on appeal. Any Settlement Class Member who fails to object to the
   Settlements in the manner described above shall be deemed to have waived any such objection,
   shall not be permitted to object to any terms or approval of the Settlements at the Fairness Hearing,



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                                                    9
   and shall be foreclosed from seeking any review of the Settlements or the terms of the Settlement
   Agreements by appeal or other means.

   14.      What is the difference between objecting and excluding?
   Objecting is telling the Court that you don’t like something about the Settlements. You can object
   only if you don’t exclude yourself from the Settlement Class. If you exclude yourself, you have
   no basis to object because the case no longer affects you, and you are ineligible to receive money
   from the Net Settlement Fund as outlined in Questions 11 and 12, above. Objecting does not
   change your ability to receive money from the Net Settlement Fund as a Settlement Class Member
   (if the Court approves the Settlements). If you exclude yourself from the Settlement Class, you are
   not eligible to submit a Claim Form or receive money from the Settlements.

                      THE LAWYERS REPRESENTING YOU
   15.    Do I have a lawyer in this lawsuit?
   The Court has appointed Patrick J. Coughlin of Scott+Scott Attorneys at Law LLP, Stacey
   Slaughter of Robins Kaplan LLP, and Swathi Bojedla of Hausfeld LLP to represent Plaintiffs and
   Settlement Class Members. These lawyers are called “Settlement Class Counsel.” You will not be
   personally charged for fees or costs by Settlement Class Counsel. If you have any questions about
   the Notice or the Action, you can contact Settlement Class Counsel or the Settlement
   Administrator. Their contact information is provided in Question 13, above.

   You do not need to hire a lawyer because Settlement Class Counsel is working on your behalf.
   If you exclude yourself from the Settlement Class, these lawyers will no longer represent you. If
   you wish to object to the Settlements (including the Plan of Allocation), or any motion for
   attorneys’ fees, reimbursement of costs and expenses, and Service Awards, you will need to
   proceed on your own or obtain your own lawyer at your own cost for that purpose.

   16.     How will the lawyers for Plaintiffs and the Settlement Class be paid?
   To date, Settlement Class Counsel has not been paid any attorneys’ fees or reimbursed for any
   costs or expenses that Settlement Class Counsel expended to litigate this case. Any attorneys’ fees,
   costs, and expenses will be awarded only as approved by the Court in amounts determined to be
   fair and reasonable.
   Settlement Class Counsel may submit an application or applications to the Court (the “Fee and
   Expense Application”) for: (i) an award of attorneys’ fees not in excess of one-third of the
   Settlement Fund; (ii) reimbursement of expenses and costs incurred in connection with prosecuting
   the Action; (iii) plus interest on such attorneys’ fees, costs, and expenses at the same rate and for
   the same period as interest earned by the Settlement Fund (until paid) as may be awarded by the
   Court (the “Fee and Expense Award”). Settlement Class Counsel may also seek a “Service
   Award”, which is a Court-approved monetary award for Plaintiffs paid from the Settlement Fund.
   The deadline for Settlement Class Counsel to submit their Fee and Expense Application and
   request for Service Award is July 28, 2026.




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   Settlement Class Counsel reserve the right to make additional applications for Court approval of
   fees, costs, and expenses incurred and reasonable service awards to the extent they are paid out of
   the Settlement Fund.
   Any motions in support of the above requests will be available for viewing on the Settlement
   Website, www.RealPageRentalSettlement.com, after they are filed.
   The Court will consider the Fee and Expense Application and request for Service Award at or after
   the Fairness Hearing.

                        THE COURT’S FAIRNESS HEARING
   17.     When and where will the Court decide whether to approve these Settlements?
   The Court will hold a Fairness Hearing on October 15, 2026 at 1:00 p.m. (CT) before the
   Honorable Waverly D. Crenshaw, Jr., in Courtroom 5D of the Fred D. Thompson United States
   Courthouse, 719 Church Street, Nashville, Tennessee 37203 to consider whether the Settlements
   are fair, reasonable, and adequate and should be finally approved. The Court will also decide
   whether it should give its final approval of the Plan of Allocation, Settlement Class Counsel’s
   request(s) for attorneys’ fees, costs and expenses, and service awards to the Settlement Class
   Representatives. The Court will consider any objections and listen to Settlement Class Members
   who have asked to speak at the Fairness Hearing.
   Important! The time and date of the Fairness Hearing may change without additional notice to the
   Settlement Class. Please visit www.RealPageRentalSettlement.com to check if there are any
   updates to the date or time of the Fairness Hearing.

   18.    Do I have to come to the Fairness Hearing?
   No. You do not have to go to the Fairness Hearing, even if you sent the Court an objection. But
   you can go to the hearing or hire a lawyer to go to the Fairness Hearing if you want to, at your own
   expense.

   19.     What if I want to speak at the Fairness Hearing?
   You may ask to speak at the Fairness Hearing but are not required to do so even if you filed an
   objection. To speak, please file notice of your intent with the Office of the Clerk of Court no later
   than September 1, 2026 at 11:59 p.m. EST. The Office of the Clerk of Court’s address is
   provided in Question 13.

   Your filed notice must state:
        •   It is your “Notice of Intention to Appear at Fairness Hearing” in In re: RealPage, Inc.,
            Rental Software Antitrust Litigation (No. II), Case No. 3:23-MD-3071;
        •   A summary of what you intend to speak about at the Fairness Hearing;
        •   Include your name, current mailing address, telephone number, email address, and
            signature.
   If you simply wish to attend the Fairness Hearing and not speak, you do not need to submit any
   information.



Questions? Visit www.RealPageRentalSettlement.com ● ¿Preguntas? Visita www.RealPageRentalSettlement.com
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                                   IF YOU DO NOTHING
   20.     What happens if I do nothing?
   If you do nothing, and if you fit the Settlement Class description, you will automatically be a
   Settlement Class Member and will be bound by past and future rulings, including rulings on the
   Settlements, Released Claims, and Releasees. Unless you file a Claim Form, you will not be
   eligible to receive money from the Settlements.

                         GETTING MORE INFORMATION
   21.     How do I get more information?
   This Notice summarizes the Action, the terms of the Settlements, Plan of Allocation, and your
   rights and options in connection with the Settlements. Copies of this Notice, Plan of Allocation,
   individual Settlement Agreements and Amendments, and the Final Judgment between the United
   States and RealPage in United States et al. v. RealPage et al. (currently docketed as ECF No. 1:24-
   cv-00710 in the Middle District of North Carolina) are available for your review at
   www.RealPageRentalSettlement.com. The Second Amended Consolidated Class Action
   Complaint and other documents relating to the Action are also available to you on the Settlement
   Website. You may also sign up to receive future notifications about the Settlements via the
   Settlement Website.
   You may also contact the Settlement Administrator by phone, email, or mail:
          Call: 1-888-995-4213
          Email: [email protected]
          Mail: RealPage Rental Software Litigation, Settlement Administrator,
          P.O. Box 59, East Brunswick, NJ 08816-9998




Questions? Visit www.RealPageRentalSettlement.com ● ¿Preguntas? Visita www.RealPageRentalSettlement.com
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Information last reviewed on August 21, 2026