Unveiling The Alchemy Of Zillow Rental: Transmuting Vacancies Into Revenue
Verkkorentals revenue increased 10% year over year to $74 million, better than the company’s expectations. Mortgages segment revenue was $26 million, near the high end of the company’s outlook range, with purchase loan origination volume growing 24% compared to q2 2022. Verkkoour zillow rentals solution. Leading real estate brand translates to leading rentals brand. Verkkohere, zillow noted recently that multifamily property owners are increasingly turning to zillow to market their vacancies (see the discussion of the rentals business in the q2 shareholder.
Verkkoresidential revenue was up 3% year over year in q4 to $349 million, outperforming both the residential real estate industry total transaction value decline of 4% and the company’s outlook. Rentals revenue of $93 million increased 37% year over year, primarily driven by multifamily revenue growing 52% year over year in q4. Verkko“despite a residential real estate industry that is down 14% from last year, zillow is reporting positive growth: Verkkocurrently, rents are up 3. 4% compared to last year reaching $1,958 according to the zillow observed rent index (zori).