RealPage Expands Rental Housing Asset Optimization with Acquisition of Lease Rent Options, LRO®
Today, RealPage Inc. announced plans to acquire Lease Rent Options, LRO. LRO is a revenue management solution that empowers optimized pricing for over 1.5 million apartments, and will expand RealPage’s real-time lease transaction data to improve optimization of new and renewal prices for rental housing leases. This acquisition will also provide RealPage with additional data science talent and data modeling tools to allow for better harvesting and placement of capital in the rental housing industry.
“…Price optimization creates real opportunity to increase asset values and yields from the nearly $3.0 trillion of apartment stock in the U.S. that turns over at approximately $150 billion per year. As revenue management becomes more broadly accepted, we expect our combined platform to drive accelerated, sustained revenue growth in our Asset Optimization product family over the long-term” said Steve Winn, Chairman and CEO of RealPage.
The acquisition is expected to close during the second quarter of 2017. Earlier this year, RealPage acquired Axiometrics, a leading provider of apartment market and student housing data.