Key Highlights

  • Redfin acquires RentPath for $608M in cash
  • Deal cements Redfin’s presence in online rental marketplace

Redfin Now in Rental Marketplace with Acquisition of RentPath 

Redfin’s push into the residential home rental marketplace is a big one…it recently acquired RentPath for an all-cash deal of $608M.

Rent.com, Rentals.com and ApartmentGuide.com have been under the RentPathumbrella.

This is the largest acquisition in the history of Redfinsince its founding in 2004.

Deal Considered to Be “Complimentary

According to Wedbush Securities analysts, Redfin’s acquisition of RentPath is “very complimentary” to the online home buying and selling business. Wedbush wrote, “we view Redfin’s intention to acquire RentPath as a sound strategic move that enhances its offering in the near-term an especially over the long term. “

With RentPath’s 16M monthly visitors added to Redfin’s 40+M monthly visitors, +20,000 apartment buildings on its websites and traffic growth of +25% in 2020, this acquisition adds “strong value,” according to Wedbush, to Redfin. 

Kelman High on Acquisition Prospects

According to Glenn Kelman, Redfin’s CEO, approximately 20% of Redfin’s monthly web searchers are also wanting homes to rent.  “We can almost double RentPath’s web searching audience as one in five of Redfin.com’s 40-plus 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.” 

 

Thanks to GeekWire, Redfin and The Wall Street Journal.

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