💸 Biggest landlord settlements ranked: Invitation Homes $48M

RealPage's DOJ deal carries no payment or admission and awaited a judge's nod, ABC13 said. Invitation Homes leads on cash. ⏳

By , business desk · Desk editor Laima Ērkšķe-Kreicberga · · 3 min read

GreystarRANKEDPhoto: Tony Webster · CC BY 2.0

Photo: Tony Webster, CC BY 2.0, via Wikimedia Commons. Desaturated and cropped by MrScandal.

What we know

  • The FTC said in a Sept. 24, 2024 release that Invitation Homes agreed to a proposed order to turn over $48M for consumer refunds.
  • The LA Times reported on July 24, 2024 that Invitation Homes agreed to pay nearly $20M over unpermitted California renovations, without admitting wrongdoing.
  • ABC13 Houston reported in November 2025 that RealPage's DOJ settlement requires no fees and no admission of wrongdoing, and that a judge still had to approve it.
  • Hoodline reported on March 11, 2026 that the FTC was mailing 444,131 refund checks totaling more than $47.2M to Invitation Homes renters.

The largest cash figure among the landlord settlements on record here is $48M, which Invitation Homes agreed to turn over to the FTC for renter refunds. It is a fees-and-deposits case, not a rent-pricing case. The algorithm cases have so far produced promises to stop: ABC13 reported that RealPage's DOJ deal carries no payment.

Ranked by cash paid

RankDefendantBrought byCashTerms noted
1Invitation HomesFTC$48M for refundsFees disclosed in advertised rents; fairer deposit refunds
2Invitation HomesBlackbird Special Ventures (California)Nearly $20MNo admission; company denies the allegations
3Invitation HomesCalifornia Attorney General Rob Bonta$3.7MResolved rent gouging allegations
4RealPageDOJNo fees, per ABC13No admission; stop using real-time data; judge approval pending at report date
5GreystarDOJNo figure reportedAgreed to stop using the pricing software
01

Invitation Homes and the FTC: $48M

The FTC said in a Sept. 24, 2024 release that Invitation Homes agreed to a proposed order turning over $48M for consumer refunds. The complaint alleges advertised rents left out mandatory fees that could total more than $1,700 a year, cites a 2019 email from the CEO telling an executive to "juice this hog" on the smart home fee, and alleges the company returned 39.2% of deposit dollars between 2020 and 2022 against a 63.9% national average. Hoodline reported in March 2026 that 444,131 checks totaling more than $47.2M were being mailed; the FTC release carries no company response.

See the receipt (opens in a new tab)
02

Invitation Homes and unpermitted renovations: nearly $20M

The LA Times reported on July 24, 2024 that Invitation Homes agreed to pay nearly $20M: $8M to Los Angeles and 34 other cities, $8M to Blackbird Special Ventures, the San Diego business that sued, and $4M in attorney's fees. Blackbird's 2020 suit alleged renovations made without permits, including demolitions, electrical and plumbing repairs and swimming pool construction. Invitation Homes did not admit wrongdoing and continued to deny the allegations, saying settling was "in the best interest of all its stakeholders."

See the receipt (opens in a new tab)
03

Invitation Homes and California's rent gouging claims: $3.7M

The same LA Times report noted that in January the company agreed to pay $3.7M to resolve California Attorney General Rob Bonta's allegations that it violated the state's rent gouging laws. The report carries no company response to that claim.

See the receipt (opens in a new tab)
04

RealPage and the DOJ: no fees, no admission

The Justice Department and eight states sued RealPage on Aug. 23, 2024, alleging violations of Sections 1 and 2 of the Sherman Act and an algorithm fed by landlords' nonpublic rent data. ABC13 reported in November 2025 that the DOJ settlement requires no fees and no admission of wrongdoing, only that RealPage stop using real-time data for pricing recommendations, and that a judge still had to approve it. RealPage had denied wrongdoing in earlier cases, Reuters reported in 2023.

See the receipt (opens in a new tab)
05

Greystar and the DOJ: stop using the software

ABC13 reported that Greystar, which it calls the country's largest landlord, agreed to a DOJ settlement to stop using this type of software. No payment figure appears in that report. Greystar was also named in the District of Columbia's 2023 suit and New Jersey's 2025 suit, both of which are allegations; ProPublica reported in 2023 that Greystar could not be immediately reached for comment.

See the receipt (opens in a new tab)

Ranked by cash, the order is simple. Ranked by what the software cases may change, nobody has a number yet. ABC13 also reported that the DOJ has sued six of the biggest landlords, and that Camden said it disagrees with the allegations and will fight for dismissal. MrMoney will keep the column open.

By the numbers

  • 2 yrsfrom first to latest entry on recordNov 2023 to Nov 2025, 3 dated entries in the file
  • 8receipts behind this story6 news reports, 2 regulator records, 2023 to 2026

Counted by MrScandal from the receipts, the Files and our rankings.

The RealPage file

Last entry Nov 2025
  1. Reported

    ABC13 reported a DOJ settlement with no fees or admission, pending judge approval. This story

  2. Filed

    DOJ and eight states filed a civil antitrust suit against RealPage alleging Sherman Act violations. This story

  3. Filed

    D.C. attorney general sued RealPage and 14 landlords over alleged rent fixing; RealPage said it would contest it. This story

On file: The RealPage file · The Greystar file · The Invitation Homes file

The Ledger

On the record

  • Invitation Homes agreed to a $48M FTC refund order and a nearly $20M California deal; RealPage's DOJ deal carries no fees or admission, per ABC13.

Still rumour

  • Whether the judge approved RealPage's DOJ settlement, and what Greystar's terms are beyond stopping the software, are not in the documents read.
  • Invitation Homes' response to the FTC complaint is not in the documents read.

That's the record. The rest is rumour. - MrMoney

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