Redfin and Zillow must change agreement that hurts competition, FTC says
Summary
The Federal Trade Commission (FTC) said Redfin and Zillow must change their agreement because it reduced competition in the rental housing market. The FTC settled an antitrust lawsuit that claimed Zillow paid Redfin to limit rental listings and give Zillow exclusive apartment ads, which hurt renters and property managers.Key Facts
- The FTC filed an antitrust lawsuit against Zillow and Redfin last year.
- Zillow paid Redfin $100 million to stop Redfin’s multifamily rental listing services.
- Redfin agreed to repost Zillow’s apartment listings only and transfer ad contracts to Zillow.
- The FTC settlement requires them to remove parts of the agreement that reduce competition.
- Redfin must increase its rental listings to give renters more housing options.
- The deal was made shortly before the trial was set to start in Virginia.
- The FTC said more competition will lower prices and help renters and property managers.
- Redfin can keep working with Zillow through 2030 while also building its own rental business.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
