Zillow and Redfin reached a resolution with the Federal Trade Commission and attorneys general from five states Monday, resolving antitrust claims tied to the companies’ $100 million rental listings syndication agreement. The resolution came shortly before the case was set to go to trial.
The resolution comes in the form of a proposed stipulated order that has not yet been signed by the district court judge overseeing the case, according to releases from both Zillow and the FTC.
Both sides agree the syndication partnership will continue across Zillow, Trulia, HotPads, Rent.com and ApartmentGuide, and that Zillow and Redfin will each introduce standalone multifamily advertising products in addition to the existing partnership. Beyond those points, the two parties’ public accounts of the same order diverge.
Zillow’s account
Zillow described the outcome as a resolution that lets its partnership with Redfin “continue,” and said in a statement that it has “consistently maintained the partnership with Redfin is pro-consumer and procompetitive.”
“This resolution is a win for renters and multifamily housing providers,” Michael Sherman, general manager and senior vice president of Zillow Rentals, said in a statement. Sherman said the syndication partnership has already expanded access to multifamily listings and increased leads for property managers, citing data showing multifamily properties on Redfin’s websites nearly quadrupled and multifamily listings on Zillow’s websites grew almost 40 percent since the partnership began, according to Zillow.
Zillow’s release did not characterize the original 2025 agreement as facing any legal issue, and did not mention the FTC’s allegation that the arrangement violated antitrust law.
Where the FTC’s account differs
The FTC described the order as eliminating what it called the “key term” of an “allegedly unlawful” 2025 agreement, under which Zillow paid Redfin $100 million to shut down its internet listing services business, exclusively repost Zillow’s apartment listings and stay out of the internet listing services market for up to nine years.
“This kind of payment to a competitor to exit a market and stop competing violates the antitrust laws,” Daniel Guarnera, director of the FTC’s Bureau of Competition, said in a statement.
Unlike Zillow’s framing of a continued partnership, the FTC’s order requires Redfin to reenter the internet listing services market as an independent competitor within six months, including building its own technology infrastructure, hiring a general manager and sales staff, and launching advertising for the relaunched business, according to the FTC.
The order also requires Zillow to waive noncompete agreements so Redfin can recruit Zillow employees, and to let customers renegotiate contracts without penalty for nine months after Redfin’s relaunch.
The order is set to remain in place for 10 years, and Redfin faces monetary penalties if it fails to meet the relaunch timeline, according to the FTC. The Commission’s vote approving the order was 2-0.
What Redfin said
Redfin called the resolution “a significant win for Redfin and consumers across the country” in a statement.
“Renting is the starting point for millions of people on the path to homeownership, and a foundational part of the Redfin journey,” the company said in a statement. “This agreement allows us to maintain our rental partnership with Zillow through at least 2030 while building and investing in a standalone rentals business of our own.”
Redfin said consumers “will continue to have access to the rental inventory they rely on today,” while the company builds what it called “a stronger Redfin that can meet them at any stage — from their first rental to their first home and beyond.”
This story has been updated with a statement from Redfin.
