FTC Takes Action Against Invitation Homes for Deceiving Renters, Charging Junk Fees, Withholding Security Deposits

[Passages]

FTC Takes Action Against Invitation Homes for Deceiving Renters, Charging Junk Fees, Withholding Security Deposits, and Employing Unfair Eviction Practices

Proposed settlement would require Invitation Homes to pay $48 million, advertise true rental prices, and stop other unlawful behavior against renters
September 24, 2024

The Federal Trade Commission is taking action against Invitation Homes, the country’s largest landlord of single-family homes, for an array of unlawful actions against consumers, including deceiving renters about lease costs, charging undisclosed junk fees, failing to inspect homes before residents moved in, and unfairly withholding tenants’ security deposits when they moved out.

Invitation Homes has agreed to a proposed settlement order that would require the company to turn over $48 million to be used to refund consumers harmed by its actions. The corporate landlord will also be required to clearly disclose its leasing prices, establish policies and procedures to handle security deposit refunds fairly, and stop other unlawful behavior.

“Invitation Homes, the nation’s largest single-family home landlord, preyed on tenants through a variety of unfair and deceptive tactics, from saddling people with hidden fees and unjustly withholding security deposits to misleading people about eviction policies during the pandemic and even pursuing eviction proceedings after people had moved out,” said FTC Chair Lina M. Khan. “No American should pay more for rent or be kicked out of their home because of illegal tactics by corporate landlords. The FTC will continue to use all our tools to protect renters from unlawful business practices.”

Deceptive Pricing and Junk Fees
The complaint alleges that Invitation Homes advertised monthly rental rates that failed to include mandatory junk fees that could total more than $1,700 yearly. Consumers looking for rental houses paid nonrefundable fees—including application fees up to $55 and reservation fees up to $500—based on the deceptively advertised rates. Consumers learned that the price would be higher than advertised only when they received a copy of their lease, and sometimes not even until after they signed the lease. These undisclosed fees ranged from “services” such as “smart home” technology and “utility management,” to air filter delivery and internet packages. Renters could not opt out of paying these fees. Since 2019, Invitation Homes has collected more than $18 million in application fees alone for deceptively priced houses.

https://www.ftc.gov/news-events/news/press-releases/2024/09/ftc-takes-action-against-invitation-homes-deceiving-renters-charging-junk-fees-withholding-security?utm_campaign=ftc_takes_action_against_&utm_content=1727192922&utm_medium=social&utm_source=twitter

Biden's fantastic gangbusters.

[Bobstandard]

1. Here are the hero's behind Invitation Homes

If you happen to serve one of these folks at the resturaunt you work at, you know what to do:
Dallas B. Tanner (CEO), Charles Young (President/COO), Jon Olsen(CFO)

Invitation is headquartered in Dallas. Blackstone Capital is a major investor (of course).

You know all those houses that were foreclosed on that the banks wouldn’t negotiate on at all? These are the folks that bought them for pennies on the dollar.