"Greystar misled consumers by advertising low rent prices and then adding mandatory fees at the end of the sales process, said Christopher Mufarrige, director of the FTC's Bureau of Consumer Protection. At a time when Americans are struggling to find affordable housing, the FTC is focused on monitoring the housing marketplace to ensure that competitors are meaningfully competing on price and that consumers receive transparent pricing."
"Under the settlement, $23 million will be used to refund consumers affected by Greystar's practices. Provisions also require Greystar to refrain from misrepresenting rental prices or fees; to prominently disclose total monthly leasing costs when advertising base rent or partial pricing; and to clearly list all fees including their purpose and whether they are mandatory before collecting any payment such as a nonrefundable application fee."
FTC and Colorado alleged Greystar misrepresented rental costs by advertising deceptively low base rents that excluded fixed, mandatory monthly fees, causing consumers to see lower prices than required. The settlement requires $23 million in refunds to affected renters and imposes prohibitions on misrepresenting rental prices or fees. The settlement mandates prominent disclosure of total monthly leasing costs when advertising base rent or partial pricing and clear listing of all fees, including purpose and whether mandatory, before collecting any payment. The commission authorized the final order 2-0, and the FTC will draft a rule addressing unfair or deceptive rental fees.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]