Progress Residential and Pretium have reached an agreement with the FTC and four states to resolve the Commission’s Civil Investigative Demand related to certain aspects of our resident experience during the period of 2021 to 2025. The agreement contains no admission of wrongdoing, and we maintain Progress’ practices have been transparent, fair, and consistent with industry practice. Although we disagree with the FTC’s claims, this resolution allows us to move forward with our mission of expanding access to quality, affordable rental housing in neighborhoods of opportunity.
The well-being of residents is Progress’ top priority. It always will be. Over the past several years, our current management team has made significant changes designed to ensure a resident experience that is built on quality, accountability, and transparency. These include:
- Redesigning our fee disclosure practices to ensure residents understand the true cost of renting before they commit
- Enhancing our move-out and security deposit process so decisions are consistent, transparent, and open to discussion
- Raising the bar on move-in quality and resident accountability through enhanced inspection standards and new technology
We welcome the FTC’s efforts to establish uniform, industry-wide standards for the single-family rental industry related to fee disclosures and transparency. Progress has led the way in adopting these standards for Progress residents.
Moving forward, we will continue to pursue opportunities to engage our industry peers and other stakeholders as part of our commitment to setting standards of excellence, so residents have the best experience possible when they lease a Progress home.
These efforts begin with the people of Progress, who go the distance for our residents each and every day.