Zillow.com purchases Postlets

 
 

Seattle real estate company Zillow announced it has purchased Postlets, a site that allows agents and property managers to create and distribute listings across broad online markets. The acquisition marks the first purchase in the company’s history.

More than 500,000 people now use Postlets. Real estate professionals like the service because it allows the user to distribute an opening across the Internet with simple creation of a posting.

Zillow CEO Spencer Rascoff wrote about the acquisition on the company’s blog.

“Ask anyone in the industry, and they’ll tell you that Postlets is a great tool for agents, property managers and landlords looking to promote their listings and manage their online presence, for free,” he wrote. “As part of this acquisition, Postlets will continue to send listings to its current distribution partners.”

Since its creation in 2005, Zillow has grown to attract more than 19 million users on a monthly basis and has raised $87 million in venture capital funding. As part of the deal, the founders of Postlets will join the Zillow staff.

 

 

 

Rental Market May Finally Be Cooling Down in Greater Seattle. Still Hot in Tacoma.

Rental Market May Finally Be Cooling Down in Greater Seattle. Still Hot in Tacoma.

With new units on the market and occupancy down, rents are growing more slowly.
 
 
Rent growth is accelerating in Tacoma while slowing in Seattle

In a sign of what could be the beginning of the end for the hot rental market, average rents are no longer growing at a torrid pace. While average monthly rents increased by 5.6 percent to $1,777 in the Seattle/Bellevue/Everett area in September from the year before, average rents actually declined slightly from the previous month.

“Seattle is still among the top-performing metros in the nation, but deliveries of new units accelerated in the third quarter and the pace is expected to quicken through the second quarter of 2017,” says Jay Denton, senior vice president of analytics for Axiometrics, a market research firm. Denton says the new supply is weakening the ability of landlords to boost rents as much as they have in the past. That's good news for tenants, but landlords may not be as excited.

By contrast, rents in Tacoma continue to soar. Check out the story we published on Tacoma's hot market earlier this year. The average rate of growth for rent in the Tacoma metropolitanTacoma increased for the 11th straight month in September, climbing to $1,266, up 9.6 percent from the year before and far outpacing Seattle. Occupancy is also higher in Tacoma — at 96.7 percent in September compared to 95.4 percent in the Seattle area. 

Rents in both Seattle and Tacoma increased faster than the nation, where they grew by just 2.6 percent to $1,290 in September from the year before.

 

Seattle-Bellevue-Everett                                     Sept 2016                  Aug 2016                  Sept 2015

Average Rent

$1,777

$1,799

$1,683

Annual Effective Rent Growth

5.6%

6.6%

8.0%

Occupancy

95.4%

95.5%

95.3%

Tacoma-Lakewood

Average Rent

$1,266

$1,256

$1,155

Annual Effective Rent Growth

9.6%

9.3%

8.5%

Occupancy

96.7%

96.4%

96.0%

National

Average Rent

$1,290

$1,293

$1,258

Annual Effective Rent Growth

2.6%

2.9%

5.2%

Occupancy

95.1%

95.2%

95.3%