On December 2, 2025, the Federal Trade Commission and the Colorado Attorney General announced a $24 million settlement with Greystar Real Estate Partners, resolving allegations that the company misrepresented rental pricing by advertising base rents without disclosing mandatory monthly fees.

According to the complaint, Greystar promoted units using an attractive base rental price but did not clearly disclose recurring, non-optional fees—such as technology, trash, or amenities fees—until late in the application or leasing process. Regulators alleged that these practices misled prospective renters comparing costs across properties and caused many to pay non-refundable application fees before learning the true monthly price.

Under the stipulated order, Greystar must clearly and prominently disclose the total monthly price of a rental unit—including all mandatory fees—whenever it advertises or quotes rental prices. The company is also required to provide full fee information, including the amount and purpose, before collecting any payments from prospective tenants. The monetary relief includes $23 million for consumer refunds and $1 million to the State of Colorado.

A New Enforcement Signal in the Housing Sector

Although the case focuses on a single company, it lands in a moment when housing affordability and price transparency are top of mind for regulators and consumers alike. In his concurring statement, FTC Chair Andrew N. Ferguson emphasized the importance of clear pricing in essential markets, noting that misleading housing fees “deserve the Commission’s full attention.” He also indicated that he has “directed Commission staff to begin the process of proposing a rule to address unfair or deceptive fees in rental housing.”

That last point is key. The FTC’s Rule on Unfair or Deceptive Fees (aka the Junk Fees Rule) became effective in May 2025, but it applies only to the hospitality and ticketing sectors. Even so, the Greystar settlement shows that the Commission will continue to bring enforcement actions against hidden fees in other industries using its existing Section 5 authority. 

Looking Ahead

The Greystar settlement serves as a reminder that comprehensive price transparency is quickly becoming an agency priority across many industries. While the current Rule on Unfair or Deceptive Fees is limited in scope, the FTC is clearly prepared to pursue undisclosed mandatory fees wherever it finds them—and the housing sector may well be next in line for formal rulemaking.