Progress Residential to Pay $49.75M in FTC Rental Pricing Settlement
The largest U.S. single-family rental manager and its private equity owner will pay nearly $50 million to resolve deceptive pricing charges.
Progress Residential, the largest property manager of single-family rental homes in the United States, and its parent company, private equity firm Pretium Partners, have agreed to pay $49.75 million to settle federal and state allegations of deceptive rental pricing practices, the Federal Trade Commission announced.
The settlement resolves charges brought jointly by the FTC and four states, which accused the companies of misleading prospective tenants about the true cost of renting a home. Regulators alleged Progress Residential obscured fees and misrepresented rental prices in ways that left consumers uninformed about what they would actually owe.
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Under a proposed consent order, the companies will be required to advertise accurate rental prices, clearly and conspicuously disclose all fees to prospective tenants, and cease the improper withholding of security deposits — a practice that regulators identified as part of a broader pattern of unlawful conduct.
The case reflects intensifying regulatory scrutiny of large institutional landlords, which have expanded their footprint in the single-family rental market in recent years. The FTC's involvement signals that federal consumer protection enforcement is increasingly focused on housing-related pricing transparency, particularly as rental costs have remained elevated across much of the country.
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