Redfin to acquire US rental search sites owner RentPath for $608m
Redfin, a residential real estate company, has agreed to acquire RentPath, an Atlanta-based digital marketing solutions company that owns ApartmentGuide.com, Rent.com, and Rentals.com, for $608 million in an all-cash deal.
According to Redfin, the deal will bring together a website for buying a home with a website for renting a home.
Redfin operates a brokerage search site. The residential real estate company is said to use a combination of local real estate agents and technology to make buying or selling a home easier, faster, and less costly.
On the other hand, RentPath connects property-management firms with qualified prospective renters for simplifying the apartment search experience.
The RentPath network of websites is said to have got 16 million monthly visitors on average last year, while registering revenue of $194 million for the full year 2020.
Commenting on Redfin acquisition of RentPath, Glenn Kelman – Redfin CEO said: “RentPath has more than 20,000 apartment buildings on its rental websites, and grew its traffic more than 25% last year.
“We can almost double that audience, as one in five of Redfin.com’s 40+ million monthly visitors also wants to see homes for rent. Together with RentPath, we can create an online destination for every North American to find a home.”
Redfin said that it will boost the reach of RentPath and create more rental opportunities for the rental properties promoted on the latter’s websites.
Dhiren Fonseca – RentPath CEO, commenting on Redfin acquisition of RentPath, said: “RentPath’s customers experienced all-time highs in traffic and leads from us last year and our value proposition to multifamily property managers has never been better. By acquiring RentPath, Redfin will be as committed as we are to the rental market.
“As part of the Redfin family, our platform will be well positioned to lead the market in the quality and value of our products, while giving our current and future customers access to many more high-intent renters through Redfin’s extensive network.”