The problem
Apartment owners and managers need one system to lease, collect rent, price units and run large portfolios
What they do
Property management, leasing, payments, screening and pricing software for rental housing; owns Buildium
Traction 42,000 customers, 24M+ rental units served; $1B+ revenue at take-private; acquired Cherre Jul 2026
Hiring trend
- Open roles
- 106
- Ops roles
- 4
- Headcount
- ~8,000 (CEO, Jul 2026)
Shrinking slightly: ~11.7K staff, -2.4% YoY after -2.3% in 2025 (Revelio); repeated reorgs 2025-26; 106 open roles (42 US)
Glassdoor
3.6 ★ 2,656 reviews ↗Funding
- Last round
- $10.2B take-private (PE; no VC credit)
- Stage
- PE-owned (Thoma Bravo take-private)
- Date
- Apr 2021
Led by Thoma Bravo
- Hiring+2106 open roles on the live job board (30+ roles = +2)
- Funding recency0PE-owned (Thoma Bravo take-private) · $10.2B take-private (PE; no VC credit), Apr 2021 (66 months ago): over 24 months = 0
- Traction+0.75Some growth: 42,000 customers, 24M+ rental units served; $1B+ revenue at take-private; acquired Cherre Jul 2026
- Red flags−22 significant flags in the last 24 months, −1 eachAlgorithmic rent-pricing antitrust: DOJ consent decree (Nov 2025, approved May 2026) restricts its pricing product; 10-state AG suit survived dismissal Oct 2026; NY, CA, CT laws and city bans (SF, Philadelphia, Minneapolis, Seattle, Jersey City) target its software. Repeated layoffs and reorgs 2025-26, with Glassdoor reviews citing constant cuts and offshoring.DOJ: RealPage settlement requires end to sharing competitively sensitive data (Nov 2025) ↗ · California AG: court denies RealPage bid to dismiss multistate rent-pricing suit (Oct 2026) ↗ · Multifamily Dive: NY algorithmic rent ban paused; city bans in SF, Philadelphia, Minneapolis, Seattle (Oct 2026) ↗ · Glassdoor: RealPage reviews mentioning layoffs ↗ · Revelio Labs: RealPage headcount -2.4% YoY (2026) ↗
- Total0.752 + 0 + 0.75 − 2 = 0.75 → Cool-down
Cool-down rule: score under 1.5 and the last round is over 24 months old, with shrinking headcount or layoffs.
Distance (Half) is a separate read on how long the lead can last. It doesn't change the score.
Distance
Half · edge: hard to leave + learns from use
Runs back offices for 42,000 customers, but rent-pricing rules now curb its data edge.
Sources: The Real Deal: RealPage pauses EliseAI integrations; 42,000 customers (Oct 2026) ↗ · Multifamily Dive: RealPage wins pause on NY rent-setting ban (Oct 2026) ↗
Watch-outs
Algorithmic rent-pricing antitrust: DOJ consent decree (Nov 2025, approved May 2026) restricts its pricing product; 10-state AG suit survived dismissal Oct 2026; NY, CA, CT laws and city bans (SF, Philadelphia, Minneapolis, Seattle, Jersey City) target its software. Repeated layoffs and reorgs 2025-26, with Glassdoor reviews citing constant cuts and offshoring.
Sources: DOJ: RealPage settlement requires end to sharing competitively sensitive data (Nov 2025) ↗ · California AG: court denies RealPage bid to dismiss multistate rent-pricing suit (Oct 2026) ↗ · Multifamily Dive: NY algorithmic rent ban paused; city bans in SF, Philadelphia, Minneapolis, Seattle (Oct 2026) ↗ · Glassdoor: RealPage reviews mentioning layoffs ↗ · Revelio Labs: RealPage headcount -2.4% YoY (2026) ↗
Last checked Oct 19, 2026
