HousingTuesday, November 10
Progress Residential agrees to a $48.5 million settlement over rental ads and fees
The AM Denver team
If you rent a single-family home, here's one to know. Progress Residential agreed to a $48.5 million settlement with the Colorado Attorney General's Office and the Federal Trade Commission. Weiser's office said the company advertised misleading prices, charged hidden fees and delivered homes needing inspection and repair.
$48.5 millionsettlement with Colorado's attorney general and the FTC
The money goes to the FTC and the states involved in the settlement.
Source: Denver Gazette
CBS Colorado reports that Attorney General Phil Weiser's office reached the deal. The company says the agreement "contains no admission of wrongdoing."
Progress manages about 90,000 rentals in 17 states
- 90,000
- rentals managed
- 17
- states where it operates
- 900
- homes listed in the Denver metro
Source: Denver Gazette
- Aurora listings: about $2,700 to $3,300 a month
- Commerce City listings: about $2,800 to $3,300 a month
- Deposits: held only for legal reasons, not normal wear and tear
Sources: Denver Gazette, CBS Colorado