Real Estate Website Zillow Adds Homes For Rent
Real estate website Zillow.com, one of the most popular website for home sales searches, attracting 8.3 million monthly visitors, on Tuesday said it expanded its services to include the rental market.
Zillow, the Seattle-based company, added home for rent listings. For the first time on Zillow.com, owners of rental properties and property managers can now market rental listings. Craigslist is still the largest website for home rental.
“In today’s volatile housing market, many would-be sellers are opting to rent for a few years and ride out the market, while many home shoppers are just trying to decide whether to buy or rent. With the launch of rental listings and search we are arming our more than 8 million monthly users with information, tools and options to make the right housing decisions for them today,” said Spencer Rascoff, Zillow’s chief operating officer.
Zillow is also offering a feature that allows a user to search by monthly payment, allowing home shoppers to simultaneously find for-sale and for-rent homes, based on a monthly payment they can afford, the company said. This is a valuable new feature for that second audience.
Zillow is a website started in January 2005 by Rich Barton and Lloyd Frink focused on providing free home valuations called Zestimates. The company has raised a total of $87 million in funding from venture capital firms Benchmark Capital, Technology Crossover Venture, Legg Mason Capital Management, and PAR Capital. There are speculations that Zillow will do an initial public offering in 2010.
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