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Homebuying service Redfin has entered into an agreement to acquire RentPath, the Atlanta-based owner of ApartmentGuide.com, Rent.com, and Rentals.com, for $608 million in cash, according to a press release Friday.
Redfin, a “technology-powered real estate brokerage,” uses a combination of local real estate agents and technology to make it “easier, faster, and less costly” to buy or sell a home.
“RentPath has more than 20,000 apartment buildings on its rental websites, and grew its traffic more than 25% last year,” Glenn Kelman, CEO of Redfin, said in the release. “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.”
RentPath “simplifies” the apartment search experience by connecting property-management companies with prospective renters. The RentPath network of websites reached 16 million monthly visitors on average in 2020 and recorded full-year 2020 revenue of $194 million.
“We are energized by the transformational potential of this combination to help more consumers find the right home and help property managers find residents,” Dhiren Fonseca, RentPath’s CEO, 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.”