Editor's Note
A federal rule about rent advertising is working its way through the process. Coverage has focused on the largest operators in the country. This issue is about a question buried in the paperwork that decides whether it reaches everyone else.
The question nobody quoted
The FTC published an Advance Notice of Proposed Rulemaking in March, opening the door to a federal rule on rental housing fees. Question 70 in that notice asks whether a rule should exempt certain providers.
The wording names them directly: small businesses, providers of single- or two-family homes, and units in owner-occupied buildings with four or fewer units.
That question is open. Comments closed on April 13 after more than 3,000 responses, and the Commission is still working through them.
What the rule would likely say
The direction is clear from the enforcement that came before it. Advertised rent would need to include every mandatory fee, so the number a renter sees first is the number they actually pay.
The FTC already finalized a version of this in December 2024 for live-event ticketing and short-term lodging. Housing was left out of that one. This rulemaking exists to close that gap.
How we got here
When | What happened |
|---|---|
Sept 2024 | Invitation Homes settles, $48M in consumer redress |
Dec 2024 | Junk Fees Rule finalized, ticketing and lodging only |
Dec 2025 | Greystar settles with FTC and Colorado, $23M |
Mar 2026 | Rental housing ANPRM published |
Apr 2026 | Comment period closes, 3,000+ responses |
Now | FTC reviewing, no rule proposed yet |
Where this lands for smaller operators
Most coverage of this story features companies with hundreds of thousands of units. A landlord with four doors reads that and reasonably assumes none of it applies.
The exemption question says otherwise. It is being asked because the answer is still open, and because a federal rule with no carve-out would reach every advertised listing in the country.
What is worth doing now
Nothing about this requires action yet. No rule exists, and no deadline applies.
What it does justify is a look at your own listings. If a unit advertises at $1,400 and the tenant signs at $1,570 after mandatory charges, that gap is the exact practice under review.
Closing the gap yourself costs nothing and removes the question entirely. Advertise the total. Put the breakdown underneath it.
Did You Know?
The FTC's existing fee rule, finalized in December 2024, drew more than 72,000 public comments before it was narrowed to two industries. The rental housing version drew about 3,000 in its first round.
Until next week,
Tomas