Zillow to Acquire HotPads to Grow Rental Marketplace For Consumers and Pros
Today, we’re thrilled to announce we’ve entered into an agreement to acquire HotPads, a map-based rental and real estate site.
HotPads is an established and significant player in rentals for both consumers and professionals, with a robust website and five mobile apps across iPhone, iPad and Android. In October, nearly 2.8 million unique users came to the site, primarily to shop for rentals. Nearly 70 percent of all listings viewed during the month were homes or apartments for rent.
This is a great opportunity for Zillow to expand the size of our growing rental audience (6 million renters come to Zillow each month) and extend the reach of our marketing tools and productivity solutions for rental pros. In fact, this will allow us to dramatically increase the number of leads we send to landlords. And after closing, HotPads will join the Zillow Rental Network, which means that rental pros and landlords who use Zillow, will get even more exposure for their listings – across Zillow.com, Zillow mobile, HotPads, HotPads.com as well as Yahoo! Homes, for free.
You can read more about this announcement in today’s press release here.