> While RealPage might command 80% of the market for this type of software, they only have 12,000 clients. There are over 5.2 million multi-family dwellings in the US.

This is pretty misleading.

"Greystar was the largest apartment manager in the United States, with over 726,826 units/beds..." - https://en.wikipedia.org/wiki/Greystar

That's one client. (And yes, they are a client. https://www.realpage.com/case-studies/greystar-optimizes-sub...)