Zillow closes $40 million deal for RentJuiceThe Associated Press
SEATTLE -- Real estate website Zillow Inc. said Friday that it completed its acquisition of RentJuice Corp., which makes software used by landlords, property managers and rental brokers, for about $40 million in cash.
San Francisco-based RentJuice currently serves more than 1 million rental units and its rental listings are syndicated to several websites, including Zillow.
Spencer Rascoff, Zillow's chief executive, said his company sees significant potential in the rental housing market, noting that 70 percent of moves each year involve rentals and that rental units turn over six times more frequently than home for sale.
RentJuice, which launched in 2009, will continue to operate from its San Francisco office. David Vivero, the company's founder and chief executive, will become Zillow's vice president of rentals.
Zillow shares fell $2.07, or 5.3 percent, to $37.11 in morning trading.