Redfin wields RentPath assets with rental search platform
Platform launches new feature after $608M acquisition
Redfin this week launched its first nationwide rental search, allowing consumers to search for both rental and for-sale listings on the platform.
The Seattle-based company’s newest search feature is powered by listings from RentPath, which it acquired for $608 million in cash in April 2021. Under the acquisition, Redfin gained control of RentPath’s subsidiaries, including Apartment Guide, Rentals.com and Rent.com.
“Most people who are considering renting a new home in the next six months say they are also considering buying,” Christian Taubman, Redfin’s Chief Growth Officer, said in a statement. “Redfin gives everyone the tools to win the place that’s best for them, whether that’s a place to lease or buy.”
The platform is a search similar to that from competitors like StreetEasy and Apartments.com. Prospective renters can see updated listings, search with tailored filters — including budget, location and pet policy — and connect with property managers. Searches can also return photos, floor plans and 3D tours.
Through RentPath property managers will be provided with a suite of online tools they can use to communicate with residents and market properties through targeted digital advertising, social media and online reputation management.
Redfin’s acquisition of RentPath ended an otherwise tumultuous 14 months for the company.
RentPath filed for Chapter 11 bankruptcy in late February 2020. That same month, CoStar founder and CEO Andrew Florance announced his firm’s plan to purchase RentPath for $587.5 million. But the deal drew scrutiny from the Federal Trade Commission, which sued to block it late last year on the grounds of unfair competition.
In December, RentPath pulled out of the agreement, prompting a standoff between the two companies over a $60 million break-up fee. In March, a Delaware bankruptcy court ruled that CoStar would have to pay $52 million of that fee.