If you have ever signed a lease and then opened your first bill to find fees nobody mentioned, this one is for you. Progress Residential, a landlord that manages more than 90,000 single-family rental homes in 17 states, and its owner, Pretium Partners, have agreed to pay $49.75 million to settle charges brought by the Federal Trade Commission and several states.
The FTC calls it “the largest enforcement matter taken against a landlord in the Commission’s history,” according to its November 6, 2026 press release.
$48.5 Million To Harmed Renters And $1.25 Million To Arizona
Of the total, $48.5 million goes to the FTC for consumer redress, which is money for harmed renters. The other $1.25 million goes to the State of Arizona. Arizona, Colorado, Indiana and Utah joined the FTC in the case.
The FTC describes Progress as the nation’s largest manager of single-family rental homes. Pretium, a private equity firm, founded the company and owns it, and the homes are held through its investment funds.
The complaint and proposed order were filed in the U.S. District Court for the Northern District of Georgia. The settlement takes effect as a court order once the judge approves and signs it.
The Advertised Rent Allegedly Hid Mandatory Monthly Fees
The complaint says that since at least 2021, the companies misled renters, and that hidden fees cost consumers tens of millions of dollars. The FTC alleges Progress advertised a monthly rent that excluded mandatory monthly fees.
Those included “smart home” or “utility management” fees, plus a “renter’s insurance exemption fee.” Many renters, the FTC says, learned about them only when the first bill arrived.
That is a classic bait and switch in the eyes of regulators. A rent that looks affordable on a listing becomes a different number when the real monthly total is higher, and families budget on the number they were shown.
“Move-In Ready” Homes That Needed Serious Repairs
The complaint also says Progress advertised homes as “move-in ready” and told renters they were inspected before move-in. According to the FTC, many renters found homes that needed serious maintenance, repair or cleaning.
Imagine hauling the family and a moving truck to a new place, only to find work that should have been done before the keys changed hands. The FTC says customer service was slow or did not respond at all, which led to billing errors, unfulfilled repair requests and unresolved deposit disputes.
Deposits Withheld For Normal Wear And Tear
The FTC says Progress withheld some or all of security deposits for normal wear and tear, for conditions that existed before the renter moved in, and for renovations and repairs the company should have covered.
Many renters never received the itemized statement the company promised within 30 days of move-out, the agency says. Form contracts also allegedly barred renters from making any negative comments about the company.
The complaint says most of this conduct happened under prior management and that new management has moved to fix the issues. The settlement is a proposed order, and the claims are the FTC’s allegations.
What The Proposed Order Would Require
The proposed order bans deceiving renters about the true total price of a home. It requires Progress to show the “true total monthly rental price,” including all mandatory recurring fees, more prominently than any other pricing information.
It also bans claiming that homes are inspected or pass inspection before move-in, and it requires a security deposit refund process with uniform withholding standards, staff training and records of home conditions.
Renters would get an itemized statement of deposit deductions or account charges within 30 days of move-out, or within the period state law requires. Deductions for normal wear and tear, for damage that predates the renter, and for certain renovation costs not caused by the renter would be banned, along with standardized nondisparagement clauses.
Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection, said: “Transparency regarding rental prices and fees helps consumers compare options and make informed choices.” He added that “The FTC is monitoring the rental housing market and will continue to take action where appropriate.”
For renters who are weighing a move, the lesson is to compare homes on total cost and not on the headline price. Two houses with the same advertised rent can be hundreds of dollars apart once the monthly extras are added up over a year.
It is also worth asking how move-in inspections are handled and who pays for what. A written answer is better than a promise on the phone.
Protecting Yourself The Next Time You Rent
Whether you rent from a big company or a neighbor, a few habits can keep surprises off your bill. They are plain common sense, and they work.
- Ask for the full monthly total in writing, including every recurring fee, before you sign.
- Take dated photos and video of every room on move-in day, and email them to the landlord.
- Keep copies of repair requests and every reply.
- On move-out, clean, photograph again, and ask for an itemized deduction list in writing.
- Read the lease for any clause that limits what you can say about the landlord.
If you feel you were treated unfairly, you can report bad business practices at ReportFraud.ftc.gov. The FTC also has a consumer alert on the case at consumer.ftc.gov, titled “FTC says Progress Residential charged renters hidden fees.”
Deposit laws and timelines vary by state, so check your own state’s rules on how fast a landlord must return your money and what can be withheld.
