A government expert estimated that after Redfin’s exit, Zillow customers paid an average of 14.5% more per listing.
With more than 30% of Americans renting their homes, according to US Census Bureau data, the agency viewed the competitive damage as broadly significant.
When FTC first filed suit, it noted that Zillow, Redfin, and CoStar’s Apartments.com collectively control more than 80% of the online apartment advertising market, making any reduction in head-to-head rivalry consequential for lenders and housing finance professionals monitoring multifamily market health.
What the settlement means for landlords and renters
Daniel Guarnera, director of the FTC’s Bureau of Competition, described the settlement as delivering “better, quicker, more certain results for both renters and property management companies than we would have been able to achieve after prevailing at trial, including firm and enforceable commitments by Redfin to relaunch its rentals advertising business.”
Michael Sherman, general manager and senior vice president of Zillow Rentals, framed the resolution as a win for all sides: “Our syndication partnership with Redfin has already expanded access to multifamily listings across multiple platforms, bringing more leads and leases to property managers and more options to renters.”
Publisher: Source link
