The Federal Trade Commission and a coalition of states have secured a $49.75 million settlement with Progress Residential, LLC and its owner, Pretium Partners, resolving allegations that the companies used deceptive rental pricing and engaged in related unlawful conduct in the single-family rental market. The action is notable not only for its size, but also for where regulators aimed it: fee and pricing practices in a fast-growing segment of institutional housing.

According to the FTC, the case focused on allegedly misleading representations about the true cost of renting homes, along with other practices affecting tenants during the leasing process and tenancy.