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Redfin Bought RentPath for $608 Million: What Happened to the Deal

Redfin’s $608 million cash acquisition of RentPath closed in April 2021, after an earlier CoStar proposal was challenged by the FTC and abandoned.
From TheFinanceBase Team2 min to read
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Redfin completed its $608 million cash acquisition of RentPath on April 2, 2021. RentPath operated ApartmentGuide.com, Rent.com and Rentals.com when Redfin announced the agreement on February 19, 2021. The headline’s “will pay” wording reflects that original announcement; the purchase is no longer pending.

What Redfin bought

RentPath provided digital marketing for rental properties through online listing websites. Redfin described the acquisition as bringing rental listings alongside its home-buying search service. At the time of the announcement, RentPath operated ApartmentGuide.com, Rent.com and Rentals.com and had listings for more than 20,000 apartment buildings, according to Redfin.

Redfin reported that RentPath’s network averaged 16 million monthly visitors in 2020 and generated $194 million in full-year 2020 revenue. These are company-reported historical figures from Redfin’s announcement, not independent measurements. Redfin CEO Glenn Kelman said the combination could nearly double Redfin’s audience, citing Redfin.com’s 40-plus million monthly visitors and the company’s estimate that one in five also wanted rental listings. That was a strategic expectation at announcement, not a reported post-acquisition result.

When the acquisition was announced and completed

  1. February 19, 2021: Redfin announced an agreement to acquire the reorganized RentPath business for $608 million in cash. The agreement was subject to closing conditions, including bankruptcy-court authorization and applicable antitrust waiting-period requirements.
  2. April 2, 2021: Redfin completed the purchase and paid $608 million in cash. Redfin’s completion release was dated April 5.

RentPath’s acquisition followed restructuring under a Chapter 11 plan, as described in Redfin’s agreement filing. RentPath CEO Dhiren Fonseca said at announcement that the combination had “transformational potential” to help consumers find homes and property managers find residents.

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Redfin’s deal was different from CoStar’s abandoned proposal

The FTC challenge often associated with RentPath concerned an earlier, separate transaction. CoStar had proposed to acquire RentPath for $587.5 million. In November 2020, the FTC alleged that CoStar’s proposed purchase could increase concentration in online advertising services for large apartment complexes in 49 U.S. metropolitan areas. Those were allegations about CoStar’s proposal, not Redfin’s later acquisition. CoStar and RentPath abandoned their deal on December 31, 2020.

Transaction Proposed or agreed price Regulatory outcome Result
CoStar’s proposed acquisition of RentPath $587.5 million, according to the FTC’s 2020 account The FTC challenged the proposal in November 2020, alleging competition concerns in 49 U.S. metropolitan areas Abandoned December 31, 2020
Redfin’s acquisition of RentPath $608 million in cash, announced by Redfin in February 2021 Redfin’s agreement included regulatory and bankruptcy-related closing conditions Completed April 2, 2021

The FTC did not block Redfin’s purchase in the cited proceedings. Its antitrust challenge addressed CoStar’s earlier proposal, which had been abandoned before Redfin announced its agreement.

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What the historical record does—and does not—establish

The transaction record establishes that Redfin bought RentPath in 2021 and identifies the three rental brands RentPath operated when the deal was announced. It does not establish the brands’ current ownership or operating arrangements in 2026. The acquisition price and RentPath’s 2020 traffic and revenue figures should likewise be understood as historical, not as current valuations or performance measures.

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