One of Colorado’s largest landlords will soon be required to disclose the total price of its apartments to prospective tenants, ending its practice of not publicly listing additional fees in advertisements.
The agreement between Greystar, federal regulators and the Colorado Attorney General’s Office was announced Tuesday, ending a nearly year-old lawsuit that had accused the property management giant of illegally misrepresenting costs to renters. Greystar will be required to pay $1 million to Colorado for regulatory oversight, and it will pay $23 million to the Federal Trade Commission, with that money going to refund Greystar renters — including those in Colorado.
The settlement requires Greystar to list the full rental price of its units, including any fees, in its advertising. The company must also describe whether the fees are optional or required, the purpose of the fees and when a tenant will be charged.
The company is required to comply within 90 days.
Read the full story from our partners at The Denver Post here.
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