At a glance
- The FTC called the case the largest enforcement action against a landlord in its history.
- The companies were accused of advertising false rental prices, charging hidden fees, failing to inspect homes before move-ins, deducting incorrect amounts from security deposits and restricting negative reviews.
- For allocators underwriting single-family rental platforms, the settlement sets a public marker for operating-level pricing risk: four states and the FTC jointly pursued advertised rents, added fees and deposit deductions at one operator.
Pretium Partners and Progress Residential agreed to pay $49.7 million to settle Federal Trade Commission and state charges of deceptive rental pricing, The Real Deal reported, citing Bisnow.
The FTC called the case the largest enforcement action against a landlord in its history. Arizona, Colorado, Indiana and Utah joined the agency in the action. The companies were accused of advertising false rental prices, charging hidden fees, failing to inspect homes before move-ins, deducting incorrect amounts from security deposits and restricting negative reviews. The alleged conduct involved leasing rather than construction or financing.
For allocators underwriting single-family rental platforms, the settlement sets a public marker for operating-level pricing risk: four states and the FTC jointly pursued advertised rents, added fees and deposit deductions at one operator. Diligence questions now include which fees sit outside the quoted rent and who verifies a home's condition before a deposit is charged.
Reported by The Wrap desk from The Real Deal and Bisnow. Published . Corrections