Indiana Attorney General Todd Rokita on Tuesday announced a settlement with Progress Residential, LLC and Pretium Partners, LLC, one of the nation’s largest owners and operators of single-family rental homes, resolving allegations that the companies engaged in deceptive and unfair practices affecting renters, including Indiana residents.
The settlement provides $48.5 million in monetary relief for consumers nationwide and requires sweeping reforms to the companies’ business practices.
According to Attorney General Rokita, his office joined the bipartisan enforcement action alongside the Federal Trade Commission, the Arizona Attorney General, the Colorado Attorney General, and the Utah Division of Consumer Protection.
The complaint, filed in the United States District Court in the Northern District of Georgia, alleged that the defendants advertised rental prices that did not reflect the actual cost tenants were required to pay, imposed hidden and improperly disclosed fees, mishandled security deposits, misrepresented the condition of rental properties, restricted consumer reviews, and failed to adequately address tenant complaints and maintenance issues.
The agreement contains no admission of wrongdoing by Progress.
“Although we disagree with the FTC’s claims, this resolution allows us to move forward with our mission of expanding access to quality, affordable rental housing in neighborhoods of opportunity,” Progress said in a statement.
Under the settlement, the companies must make significant changes to their business practices that will benefit tenants in Indiana and across the country.
Source: Indiana Attorney General’s Office