Redfin announced the launch of its nationwide rental search on Wednesday, as it continues to integrate RentPath, which it acquired in April 2021. It will be going toe-to-toe with CoStar Group’s Apartments.com and Zillow.
The new rental search option will use the same map-based technology Redfin users utilize to search for sale properties on the platform.
“Adding rental listings to Redfin.com will increase our authority as a real estate destination, not only drawing more visitors to rental listings, but also to our existing for-sale listings,” Redfin CEO Glenn Kelman said in a statement. “With about one in five Redfin.com visitors interested in rentals, we have an opportunity to generate as many rental inquiries from Redfin.com as from all other RentPath sites.”
Kelman also said that he expects the addition of rentals to Redfin’s site will help drive more traffic to Redfin.com.
Property managers who wish to have their properties listed on Redfin will list the property through RentPath and it will then be displayed on Redfin, as well as the other sites in the RentPath network: Rent.com, Rentals.com, and Apartment Guide.
According to Redfin, rental listings on the site will be updated every day. Users will be able to filter their search base on features like budget, location, and pet policy. The site also features photos, floor plans and 3D tour for users to utilize in their rental search. If a user is interested in a property, they can use the connect feature to contact property managers, schedule a tour and request a rental application.
Redfin also said that users who are unsure if they want to rent or buy will be able to search for both rentals and for-sale listings simultaneously and compile a favorites list that includes both types of listings.
“Most people who are considering renting a new home in the next six months say they are also considering buying,” Christian Taubman, Redfin’s chief growth officer, said in a statement.
In addition to being a listings platform, RentPath provides property managers with a suite of digital tools to help them communicate with residents and market their properties through targeted digital advertising and social media.
Redfin paid $608 million to acquire RentPath last year. CoStar, which itself has been making waves in the residential data space of late, agreed to pay $587.5 million to acquire RentPath back in February 2020. The deal fell apart after the FTC filed a lawsuit in fall 2020 expressing concern about CoStar having a monopoly on the rental space.