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Redfin makes a big push into the apartment rental market (Yes, Including Boston)

Making a major push into the apartment rental market, Redfin has struck a deal to buy RentPath for $608 million, the brokerage said Friday.

Seattle-based Redfin said RentPath’s growing web traffic would broaden its offerings and drive traffic to its site. RentPath owns Rent.com, Rentals.com and ApartmentGuide.com, which claim 16 million monthly viewers combined.

By acquiring RentPath and its subsidiaries Redfin will have a big impact on Beacon Hill, Back Bay, Boston Seaport  and Midtown apartment rentals.

During an investor call Friday, Kelman said the logic of the deal was entirely based on combining the two company’s audiences. Redfin had 39 million average monthly visitors in 2020. “The websites that are ahead of us as real estate destinations have rentals,” he said. “We don’t. The only way to climb that mountain is by building that inventory.”

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