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Redfin to acquire Atlanta’s RentPath for $608 million

by John Yellig

Redfin to acquire Atlanta’s RentPath for $608 million

Redfin agreed to acquire Atlanta-based RentPath for $608 million in cash, marking the online homebuying brokerage’s entry into the apartment-rental space.

RentPath owns the ApartmentGuide, Rent.com, Rental.com and Lovely residential rental sites, which averaged 16 million monthly visitors in 2020 and saw 26% year-over-year organic visitor growth. RentPath earned $194 million in revenue in 2020, according to a release.

Seattle-based Redfin expects to have RentPath’s listings on Redfin.com in late 2022. Redfin estimates that 10 million of its more than 40 million monthly online visitors could be interested in renting.

Redfin does not expect to hire real estate agents to represent renters, “at least for now,” CEO Glenn Kelman said in a statement, adding that the company plans to sign up “thousands” of additional agents in 2021 to handle home sales.

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