A real estate brokerage Redfin completed the acquisition of a digital marketing company in the rental industry RentPath, for $608 million in cash. RentPath runs a few rental sites, like ApartmentGuide.com, Rent.com, and Rentals.com.
All of those sites will continue to operate after the acquisition. The two companies are starting to work on getting RentPath’s rental listings on Redfin.com and expect the integration to finish in 2022. Rent Path will continue connecting property managers with prospective tenants, while developing new services and products to make that journey easier.
“A deal that we expected to take 90 days to approve closed in 42. And now we can’t wait to tell RentPath’s property-management customers, who were once uncertain about the company’s future, about our big plans to double our audience of people seeking a home to rent. Already, we’ve discovered that RentPath’s modern technology for importing rental listings fits perfectly with ours, and that the two companies have a shared vision to make renting a home fast, easy and magical, for consumers and property-management companies alike,” said Redfin CEO Glenn Kelman in an announcement.
Dhiren Fonseca will remain in his role as President of the RentPath while Redfin seeks a permanent leader to run the rentals business.
“The response to the acquisition news from our multifamily customers has been tremendous, and they are eager to tap into Redfin’s massive audience and see us build upon the all-time highs in traffic and leads we delivered in 2020,” said Fonseca.
Recently, Redfin announced its financial reports showing a revenue increase of 14% YoY to $886.1 million in 2020.