Largest US Single-Family Landlord Settles FTC Lawsuit Over Alleged Deceptive Pricing

What happened: Progress Residential and owner Pretium Partners agreed to pay $49.75 million to settle FTC and state charges that the company misled renters with false rental prices and hidden fees. Key numbers: $49.75 million total settlement, with $48.5 million to the FTC and $1.25 million to Arizona. Why it matters: Under the proposed settlement, Progress must advertise the true total monthly rental price including all mandatory recurring charges and is banned from charging security deposits for normal wear and tear. The company denied wrongdoing.

Progress Residential and owner Pretium Partners agreed to pay $49.75 million to settle FTC and state charges that the company misled renters with false rental prices and hidden fees.

Under the proposed settlement, Progress must advertise the true total monthly rental price including all mandatory recurring charges and is banned from charging security deposits for normal wear and tear. The company denied wrongdoing.