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Real Estate Intel
FTC Targets Zillow–Redfin Pact
When two of housing’s biggest names cut a $100 million deal to divvy up the rental ad market, regulators were bound to notice. Now the FTC and five states are suing, arguing the pact choked competition and hurt landlords and renters alike. Investors should be watching closely because when the moat cracks, the ad dollars flow elsewhere.
By Austin Payne
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The FTC has filed a lawsuit against Zillow and Redfin, alleging that Zillow paid Redfin $100 million in 2024 to exit multifamily rental advertising for up to nine years. The complaint also states that Redfin terminated other contracts it had with competing vendors and began distributing Zillow’s listings on its own platforms.
When rivals coordinate, antitrust ears perk up: Just one day after the FTC filed its lawsuit, Virginia, Arizona, Connecticut, New York, and Washington filed their own antitrust suits against the two giant advertisers. The market reaction was quick: Zillow’s stock dropped about 4%, and Rocket Companies, which acquired Redfin earlier this year, also traded lower.
On the surface, this appears to be a run-of-the-mill corporate scheme, perhaps leading to an antitrust case. But beneath that, it has real implications (and opportunities) for investors.
Housing Ads Touch Everyone
Rental advertising is not a niche corner of the economy. It affects millions of households and thousands of landlords. If Zillow’s exclusivity is unwound, competitors like CoStar’s Apartments.com could capture share and reset pricing power.
Regulators allege that Redfin laid off hundreds of employees and handed its ad operations over to Zillow. That bolsters the case that the goal was to suppress competition, not streamline operations.
If the FTC succeeds, it could embolden regulators to probe other vertical ad markets where a single platform has near-monopoly control over data, distribution, or pricing. Think travel, job boards, or auto listings.
This lawsuit is already impacting ad spend in real estate and influencing spend in the verticals the regulators will investigate next.
Your Play on the Ad Space Crackdown
The FTC’s lawsuit against Zillow and Redfin could rewrite the rules for digital real estate ads. A $100 million pact that once secured dominance is now a liability, and as regulators pry open the market, ad budgets will migrate toward competitors. Select the winners below:
Bottom Line
Antitrust scrutiny is eroding Zillow and Redfin’s moat. If regulators dismantle exclusivity, ad spend will flow to CoStar, Meta, and fintech platforms that integrate listings and payments. The smarter play is rotation: hedge incumbents, accumulate beneficiaries, and watch for similar crackdowns across digital ad ecosystems.
This website shares our opinions and commentary on markets, commodities, and other assets. We may receive financial compensation to include certain featured companies/services/etc. in this website. Such financial compensation may impact the placement, but it does not impact on our critical analysis. The opinions, analysis, and commentary contained in the website are not financial advice. Market data mentioned here may be delayed and is not real-time. Investments involve risk including the risk of loss of some, or all, of your investment, and may not be suitable for all readers. While we make a good faith effort to provide you with unbiased professional opinions, please don’t make investment decisions based solely on this content — always do your own research or talk to a qualified advisor before making any investment decisions. We’re not responsible for any actions you take based on what you read here.
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