CoStar gets Go-Ahead to Complete Purchase of RentPath

June 10, 2020
Share this Post: 

Back in February, CoStar Group Inc. showed interest in buying out RentPath, which was filing for bankruptcy at the time. RentPath operated,, and

The real estate data company has announced that it has gotten the okay from court to purchase the apartment marketplace, RentPath for $588 million.

On the subject of the acquisition, Marc Lefar, CEO of RentPath, said:

“We are very excited to be joining CoStar as part of the network. Our customers have an ever-increasing number of choices when considering where to spend their marketing dollars. With CoStar’s commitment to invest in the RentPath family of sites, we will be in a position to offer our customers the best options to reach potential renters.”

The decision was signed off by Judge Brendan Shannon of the US Bankruptcy Court in Wilmington, Delaware. This includes taking care of the major issue surrounding the marketplace’s chapter 11 plan. 

Andrew C. Florance, Founder, and CEO of CoStar Group, said:

“RentPath has a 30-year track record of outstanding service to the multifamily industry, developing thousands of meaningful customer relationships. 

“… Following restructuring in bankruptcy, CoStar Group expects the combined companies to benefit from synergies and plans to invest in building RentPath’s online brands and traffic to provide improved quantity and quality of lead flow to advertising clients. The network of sites generated 842 million visits last year, and we intend to use this valuable audience to generate leads for RentPath clients as well.”

Companies across all markets have had to put many of their plans on hold as the world dealt with the punches slung at them by the COVID pandemic. Since then, as countries have slowly eased back on lockdown orders, those plans are picking back up. 

There have been a number of company acquisitions, showing that money was an issue at the beginning of the pandemic, but with consumer demand still rising, companies have the confidence to look into these acquisitions again.

June 10, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Rightmove Opt 1
Rightmove Appoints Former Just Eat MD, Matthew Bushby as Its New CMO

British market leader Rightmove has announced the appointment of Matthew Bushby as its new Chief Marketing Officer. Bushby joins the...

Read More
Shutterstock 603344765
Casai Merges with Fellow LatAm Short Term Rentals Specialist Nomah After Job Losses

The Mexican short-term rentals marketplace operator Casai has merged with its Brazilian counterpart Nomah. Existing investors including a16z and Monashees...

Read More
Shutterstock 147091049
REA India Sidesteps Agents with Country's First User Subscription Service - 'Housing Premium'

The REA India-owned real estate portal has announced the launch of a new user subscription service that aims to...

Read More
North Media Posts Q2 Financial Results—BoligPortal on Track

North Media, the media group and operator of Danish Portal BoligPortal, released its Q2 2022 financial report, with results "as...

Read More

Editor's Pick