From The Real Deal · TRD Staff · · 40s
Pretium Pays $50M to Settle Deceptive Rent Charges
Pretium Partners settles FTC and four states' deceptive rent pricing claims for $49.7m.
In brief
Pretium Partners settles FTC and four states' deceptive rent pricing claims for $49.7m. Pretium Partners paid $49.7 million to resolve FTC and state allegations of deceptive rental pricing practices. Originally reported by The Real Deal.
FTC Settlement
Pretium Partners and Progress Residential agreed to pay $49.7 million to settle FTC and state allegations of deceptive rental pricing practices.
Settlement Terms
The companies must list all recurring fees with rent ads, refund security deposits, and not misrepresent home inspections.
Company Background
Pretium manages $70 billion in assets, including over 90,000 single-family rentals across 17 states.
Recent Refinancing
Progress secured $384.7 million refinancing for its portfolio with an 83% loan-to-value ratio.
The essence
Pretium Partners paid $49.7 million to resolve FTC and state allegations of deceptive rental pricing practices.
