Pretium Partners

Progress Residential and Pretium Partners to pay $49.75 million over deceptive rental practices

The Federal Trade Commission◼ and Arizona, Colorado, Indiana and Utah reached a $49.75 million settlement with Progress Residential◼ and its owner Pretium Partners◼. The complaint alleges false advertised rents, undisclosed monthly fees, misleading move-in claims, improper security deposit deductions and nondisparagement clauses in lease contracts. The order requires clearer total pricing, uniform deposit withholding standards, itemised deposit statements within 30 days of move-out and an end to nondisparagement clauses. The complaint says most conduct happened under prior management.