By Jody Godoy
Aug 24 (Reuters) - The U.S. Federal Trade Commission and a group of states announced a settlement with Zillow, ending claims the online real estate platform illegally paid Rocket Companies' Redfin $100 million to stop competing in apartment rental listings.
The FTC and five states had argued the Zillow-Redfin partnership drove up costs for landlords and decreased listing quality for renters. More than 30% of Americans rent their homes, according to census data.
The settlement ends the agreement for Redfin to stop competing. Redfin agreed to rebuild its rental advertising business within six months, according to the FTC.
Zillow has denied the arrangement is anticompetitive and said the deal benefits everyone, as it makes more listings available on more sites.
#states #rental
Aug 24 (Reuters) - The U.S. Federal Trade Commission and a group of states announced a settlement with Zillow, ending claims the online real estate platform illegally paid Rocket Companies' Redfin $100 million to stop competing in apartment rental listings.
The FTC and five states had argued the Zillow-Redfin partnership drove up costs for landlords and decreased listing quality for renters. More than 30% of Americans rent their homes, according to census data.
The settlement ends the agreement for Redfin to stop competing. Redfin agreed to rebuild its rental advertising business within six months, according to the FTC.
Zillow has denied the arrangement is anticompetitive and said the deal benefits everyone, as it makes more listings available on more sites.
#states #rental
11 hours ago
