Brattle Supports FTC and US States in Zillow-Redfin Antitrust Matter
A Brattle team provided economic analyses and supported expert Jeremy Verlinda on behalf of the US Federal Trade Commission (FTC) and the Commonwealth of Virginia and the states of Arizona, Connecticut, New York, and Washington (collectively, the “states”) in Federal Trade Commission et al. v. Zillow Group, Inc. et al., an antitrust case in the US District Court for the Eastern District of Virginia challenging agreements between Zillow and Redfin in the market for internet listing services (ILSs) for multifamily rental properties.
The FTC and the states filed suit against Zillow and Redfin in September and October 2025, alleging that agreements between the companies – two of the US’s largest renting listing networks – unlawfully eliminated Redfin as an independent competitor in the multifamily rental ILS advertising market. Under the agreements, Zillow paid Redfin $100 million, while Redfin agreed to wind down its multifamily rental advertising business and refrain from competing with Zillow for up to nine years in soliciting rental properties to advertise through its listing service. The FTC and states alleged that the arrangement reduced competition between the two major rental listing networks, potentially leading to higher advertising prices and reduced innovation.
Led by Principals Dr. James Reitzes and Dr. Nicholas Powers and Senior Associate Alex Asancheyev, a Brattle team supported the FTC, the states, and Dr. Verlinda in connection with the agency’s investigation and litigation. The team assisted in formulating a model of the rental ILS market and estimating the actual and prospective effects of the Zillow-Redfin agreements. In addition, they performed analyses relevant to determining the relevant antitrust market and assessing the impact of indirect network effects on the competitive impacts of the agreements.
On August 24, 2026, the FTC and the states announced a proposed stipulated order resolving the litigation. The order removes restrictions on Redfin’s ability to compete independently and requires the company to reenter the ILS advertising market within six months. According to the FTC and the states, restoring competition in the market is expected to help drive down costs and spur innovation, benefiting both renters and property management companies. The order has now been approved by the court.
