Redfin Takes its Shot at Purchasing RentPath

Picking up the failed acquisition by CoStar Group, Redfin has made a deal to put RentPath for $608 million, whereas CoStar Group had originally purchased RentPath for $587 million. RentPath had just finished an antitrust lawsuit against CoStar to block the acquisition and the move seems to be perfect, both for RentPath and Redfin. 

Redfin chose RentPath as a means to growing both company’s influence and reach and drive more traffic to its site. With RentPth comes top rental platforms like Rent.com, Rentals.com, and ApartmentsGuide.com. 

Redfin CEO Glenn Kelman said

“The websites that are ahead of us as real estate destinations have rentals. We don’t. The only way to climb that mountain is by building that inventory.”

RentPath has had its fair share of misfortune within the last year, including filing Chapter 11 bankruptcy and a lawsuit with its then-owner, CoStar. 

Kelman explained the differences between CoStar and his own company in a recent investor call. 

“We represent a new alternative for property management companies to get better value. So we’d expect the government to welcome that.”