The RentPath Acquisition Saga has come to an end. After CoStar’s failed attempted at purchasing the rental proptech platform, Redfin has swooped in and nabbed the company for $608 million in cash. Coming with RentPath are rental platforms ApartmentGuide.com, Rent.com, Rentals.com, and Lovely.
On the accomplishment, Redfin CEO Glenn Kelman said in a written statement:
“We’re over the moon that RentPath and Redfin are officially hitched. 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.”
RentPath’s listings will be available on Redfin by next year, giving RentPath’s leadership team time to boost its multifamily property offerings for managers and consumers. The company’s headquarters will stay in Atlanta, and RentPath’s President Dhiren Fonseca will stay president until Redfin appoints a permanent leader.
RentPath went up for sale in 2019 and experienced ups and downs trying to find a permanent buyer. CoStar was almost a sure-in to purchase the company until the agreement fell through when The Federal Trade Commission claimed it would unfairly “eliminate competition in the rental listing space.” CoStar paid $52 million of a $60 million deal-breaking agreement last month, officially ending the purchase deal.
“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.”