Real estate home-selling site Redfin has completed its US$608 million cash acquisition of rental site RentPath, the companies announced. “Combined with RentPath, Redfin can now be a destination for all North American consumers looking for a home,” the companies stated in the announcement.
RentPath operates websites including ApartmentGuide.com, Rent.com, and Rentals.com, and collectively attract 16 million monthly visitors. Redfin is based in Seattle and RentPath is in Atlanta. The companies will retain their separate headquarters and operations, and Dhiren Fonseca will stay on as president of RentPath, the announcement stated.
“A deal that we expected to take 90 days to approve closed in 42,” Refin Chief Executive Glenn Kelman said in a prepared statement. “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.” The companies’ technology platforms have integrated easily, Kellman added.
“Redfin and RentPath will immediately start the engineering work to get RentPath’s rental listings on Redfin.com,” the release stated. “We expect these listings to be on Redfin.com in 2022.”
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