Progress Residential to Pay $49.75M in FTC Rental Fee Deception Settlement
The nation's largest single-family rental manager and its private equity owner will pay $49.75 million over deceptive pricing and hidden fee charges.
Progress Residential and its private equity parent company Pretium Partners have agreed to pay $49.75 million to settle federal and state charges alleging the firms misled renters through deceptive pricing practices, the Federal Trade Commission announced.
The FTC, acting alongside four states, accused the companies of advertising rental prices that did not reflect actual costs, failing to clearly disclose fees, and improperly withholding security deposits from tenants. Progress Residential operates as the largest property manager of single-family rental homes in the United States.
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Under the terms of the proposed settlement order, Progress Residential would be required to advertise the true cost of rentals upfront, present all fees in a clear and conspicuous manner, and cease the security deposit practices that regulators deemed unlawful. The order represents one of the more significant enforcement actions targeting the fast-growing institutional single-family rental sector.
The case reflects mounting regulatory scrutiny of large corporate landlords, which have expanded aggressively into residential real estate markets over the past decade, drawing criticism from consumer advocates and housing policy researchers over fee transparency and tenant treatment. Neither Progress Residential nor Pretium Partners publicly admitted wrongdoing as part of the settlement, which remains subject to court approval.
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