The Federal Trade Commission says it has reached a settlement with Zillow and Redfin. Arizona was part of the coalition of states alleging the housing platforms illegally entered agreements to reduce competition.
The lawsuit claimed Zillow paid Redfin $100 million to shut down its multifamily-rental advertising business and transfer clients to Zillow. Redfin agreed to exclusively post Zillow’s apartment listings on its websites in exchange.
In a statement, Arizona Attorney General Kris Mayes said the agreements would stifle improvements to both companies' services and result in higher rental prices.
The settlement requires Zillow and Redfin to have separate listings and pay the suing states $2 million. It’s not yet clear how much Arizona will get from that.
In separate statements, Zillow and Redfin said the settlement is good for their continued partnership and for renters.
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