Progress Residential to pay $49.8M to settle FTC, state claims over rental practices

Progress Residential, the property manager of single-family rental homes owned by Pretium Partners, has agreed to pay $49.8 million to settle deceptive and unfair practices claims by the Federal Trade Commission (FTC) and state regulators. The company denies any wrongdoing. In a complaint filed in the U.S. District Court for the Northern District of Georgia, regulators alleged that the company advertised rental prices that did not reflect the full amount tenants would be required to pay, imposed hidden or inadequately disclosed fees and charges, and mishandled security deposits. The claims also included that Progress misrepresented the condition and move-in readiness of properties, restricted tenants’ ability to share reviews, and failed to adequately address tenant complaints and maintenance issues. In a statement given to HousingWire, a representative of Progress Residential and Pretium said the companies have reached an agreement “with the FTC and four states to resolve the Commission’s Civil Investigative Demand related to certain aspects of our resident experience during the period of 2021 to 2025.” “The agreement contains no admission of wrongdoing, and we maintain Progress’ ...