COLORADO — Colorado Attorney General Phil Weiser has filed a lawsuit against one of the largest rental property management companies in the state.
WATCH: Landlord companies are being sued for a scheme to keep rent prices high and competition low
The suit accuses Greystar of violating the Colorado Consumer Protection Act.
The Attorney General's office says the suit specifically claims Greystar uses deceptive advertising practices by failing to mention some mandatory, fixed fees in the advertised price for an apartment. It says as a result, renters end up paying much more each month than what was advertised.
“Because of Greystar’s deceptive advertising and hidden fees, tenants are on the hook in their lease for hundreds, if not thousands, of dollars more than they anticipated that their apartment would cost. Through their actions, Greystar is thwarting apartment hunters from comparison shopping and choosing a home that fits within their budget,” said Weiser. “To the extent that other corporate landlords are not advertising their all-in pricing and are engaging in similar tactics, they are on notice that such conduct is illegal and will not be tolerated in Colorado.”
“The FTC is suing Greystar for deceptively advertising low monthly rents only to later saddle tenants with hundreds of dollars of hidden junk fees,” said FTC Chair Lina M. Khan. “The FTC should continue its work taking on corporate landlords that use illegal tactics to jack up rent, exploit tenants, and deprive Americans of safe and affordable housing.”
The lawsuit seeks an injunction requiring Greystar to stop the practice, as well as financial damages for consumers and civil penalties for the state.
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