News
Rightmove to terminate contract with OpenRent
Property portal Rightmove has said that its contract with OpenRent will be terminated, effective 1 September.
In an update today, Rightmove said that “conditions” for OpenRent’s ongoing membership “could not be agreed”.
OpenRent is an online lettings agent within Rightmove’s estate agency sub-segment and represents around 700 “branch equivalents”.
The property portal added that OpenRent represented less than 8% of its lettings listings as of July.
As a result of the contract termination, OpenRent’s landlord customers will lose access to the “UK’s largest property-seeking audience”, Rightmove said, but resale listings will be unaffected.
The firm said that in the first half of the year, it delivered eight times the number of properties rented versus the next-biggest portal.
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Rightmove reiterated that it expected revenue growth of 7-9% and an underlying operating margin of 70%, excluding one-off acquisition costs and Coadjute investment.
OpenRent was founded in 2012 and became the UK’s largest letting agent in 2015, according to its website.
The company added that there were around 6.8 million registered landlords and tenants on its site, with around 1.2 million properties let.