Zillow has settled claims by the U.S. Federal Trade Commission and five states that it illegally paid Redfin $100 million to stop competing in apartment rental listings. The settlement ends the agreement for Redfin to stop competing, and Redfin agreed to rebuild its rental advertising business within six months. The FTC and states had argued the partnership drove up costs for landlords and decreased listing quality for renters, with an expert estimating Zillow customers paid an average of 14.5% more per listing after Redfin stopped competing. Zillow denied the arrangement was anticompetitive, saying it made more listings available on more sites, while a Redfin spokesperson said the settlement allows the company to maintain its partnership with Zillow through at least 2030 while building its own standalone rentals business.
Zillow Group Inc Class CFTC settlement ends agreement with Redfin, requiring Redfin to rebuild rental advertising business, potentially increasing competition.
Rocket Companies Inc