FTC says Greystar misled Atlanta renters about prices, orders $24M restitution and transparent pricing
Federal regulators have announced that Greystar, one of the largest landlords in metro Atlanta, misled tenants about their rental costs and has agreed to pay $24 million in restitution.
The Federal Trade Commission ruled that Greystar failed to disclose the real price of rent at many of its properties, leaving out mandatory fees that increased the total monthly cost. Under a new FTC order, the company must clearly display the full price of rent at its apartment buildings, including any recurring charges.
The ruling affects dozens of Greystar communities across the Atlanta area, including properties in Brookhaven, Midtown, West Midtown, and Buckhead. With 58 Greystar buildings across metro Atlanta, the company is one of the region's largest rental operators—and the new rules apply to all of them.
When CBS News Atlanta reviewed Greystar listings following the announcement, the properties were showing the full monthly price, including required fees.
The order also bars Greystar from hiding monthly costs in the future.
FTC Chair Andrew N. Ferguson directed agency staff to begin drafting a nationwide rule that would require transparent rental pricing for all landlords, similar to new rules that now require upfront pricing for concert tickets and hotel rooms. The agency says rental housing should be no different.
The settlement comes as Atlanta renters continue to face some of the fastest-rising housing costs in the country, with hidden fees becoming a growing point of frustration for tenants.
CBS News Atlanta has reached out to Greystar founder and CEO Bob Faith for comment on the order and how the company plans to implement the changes across its Georgia portfolio.