On Tuesday, September 12th, CoStar Group announced its plans to acquire ForRent to broaden its apartment network and provide advertisers more exposure and renters. In addition to ForRent.com, Apartments.com will also gain ForRent’s other websites including AFTER55.com, CorporateHousing.com, and ForRentUniversity.com.
“We are delighted to welcome the ForRent team and their family of sites to the Apartments.com network,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. “We believe this is a beneficial combination for all of our constituents.”
Florance explained that now, prospective renters will have access to the most complete and accurate apartment availabilities, with more than one million rentals spanning apartments, homes, and condominiums.
“Advertisers will benefit from our unmatched leads-to-leases conversion ratio; ForRent advertisers’ properties will be featured on Apartments.com after the transaction closes, increasing their exposure by approximately 500%,” Florance explained. “For the investors and lenders relying on CoStar for multifamily data and analytics, we expect the addition of properties and data from ForRent will further strengthen our information offering.”
ForRent’s sites will remain distinct and complimentary brands to Apartments.com. The deal is set to close during the fourth quarter of this year subject to customary closing conditions. Full integration into our multifamily suite of services is expected mid-2018.
We look forward to continuing our investments in building the best marketing solutions, so property managers and owners like you can see more exposure and leads for your listings. Read more about our new expanded network here.