eBay Inc., the auction site that lists objects from fountain pens to deeds for lunar properties, is getting into a new real estate market that’s (hopefully) a little less exotic. It’s buying Rent.com, an online apartment-rental service, for $415 million in stock and cash.
A spokesman for eBay says the apartment-rental market is big but it’s also fragmented. It’s difficult for would-be renters to hook up with all potential landlords. EBay execs believe the market can be made more efficient through services like that of privately held Rent.com.
Source: Information Week