These 13 PM Software Companies Got an FTC Warning Letter
On December 8, 2025, the Federal Trade Commission sent warning letters to 13 property management software providers, warning them that failure to provide rental property managers and owners with accurate pricing information in rental listings is illegal.
The FTC never publicly disclosed the recipients of those letters.
But I was able to uncover the full list:
RealPage (owns Propertyware and Buildium)
Yardi Systems
Entrata
AppFolio
DoorLoop
Inhabit
TenantCloud
MRI Software
London Computer Systems (Rent Manager)
TurboTenant
Innago
Market Apartments
Jonah Systems
In the warning letter, the FTC noted that available information suggests property management software providers are limiting the ability of rental property managers and owners to accurately advertise the total monthly rental price by failing to include all mandatory fees in the price.
Companies that engage in this conduct may be subject to legal action and federal district court injunctions, as well as civil penalties of up to $53,088 per violation.
The FTC urged the companies to review their practices, including their website hosting platforms and the software or coding that controls the flow of information to internet listing sites. It also urged them to discontinue any violative practices immediately.
"The FTC is committed to rooting out anticompetitive, unfair and deceptive acts or practices in the rental housing market," said Christopher Mufarrige, director of the FTC's Bureau of Consumer Protection, in a press release shortly after the letters were sent.
Of the 13 companies, only MRI Software responded to a request for comment. "MRI Software has always followed, and remains committed to following, federal and state regulations in all matters related to fair housing," a spokesperson said in a statement.
Why This Matters for PM Operators
These warning letters didn't come out of nowhere. They followed a $24 million settlement with Greystar for advertising base rents that excluded mandatory monthly fees, and a $48 million settlement with Invitation Homes over similar practices.
And the warning letters turned out to be just the opening act.
On March 12, 2026, the FTC announced it's seeking public comment on an entirely new rulemaking — an Advance Notice of Proposed Rulemaking (ANPRM) — to address unfair or deceptive fee practices across the rental housing industry, from application to move-out. This isn't just about software companies anymore. The proposed rule would impose new requirements on landlords, property management companies, and other rental housing providers regarding how fees are disclosed to prospective tenants.
In other words: they're moving from case-by-case enforcement toward a comprehensive federal framework.
If you're charging mandatory fees that aren't clearly included in your advertised rent, consider this your heads-up.
What You Should Do
Review how your listings display pricing across every platform — your website, Zillow, Apartments.com, wherever you syndicate. Make sure mandatory monthly fees are included in the total advertised price, not buried in the lease. And talk to your software provider about whether their system allows you to do this cleanly. If it doesn't, that's a problem for them and for you.
I'd also encourage operators and industry associations to submit comments on the ANPRM before the April 13, 2026 deadline. Reference Project No. R207011. The FTC is asking over 70 questions about how our industry operates, what fees we charge, and how they're disclosed. This is our moment to shape the rules rather than just react to them.