Hundreds of thousands of renters will receive refunds following a settlement with the Federal Trade Commission. The FTC announced that Invitation Homes, a major landlord, will send checks to over 444,000 renters who were charged undisclosed fees during their leases. The company allegedly misled customers about lease costs by including mandatory fees such as “utility management” without clear disclosure. The settlement, totaling $47.2 million, will result in refunds for renters who paid $45 or more for covered fees or charges between January 2021 and September 2024. The average refund is expected to be around $106, with checks mailed within 90 days. The FTC also accused Invitation Homes of failing to inspect rental units before move-in and unfairly withholding security deposits after tenants vacated. The company must now comply with new requirements, including clearly disclosing leasing prices, establishing fair policies for security deposit refunds, and ending other unlawful practices. While the Biden administration announced the settlement in September 2024, it took nearly 18 months to finalize. Invitation Homes did not admit wrongdoing in the settlement. The company stated that its disclosures and practices are “industry-leading” and emphasized its commitment to transparency and quality housing. Previously, the company faced accusations of falsely claiming to offer 24/7 maintenance services. The FTC’s actions highlight ongoing efforts to address deceptive practices in the rental industry, with similar cases targeting other companies for misleading consumers.#renters #federal_trade_commission #invitation_homes #security_deposits #lease_costs
