Zillow Moves Further Into Rentals With the Acquisition of HotPads

Zillow has agreed to acquire HotPads, a rental listings site, for $16 million in cash. The acquisition marks the Seattle company’s sixth in less than two years. Zillow said the seven-year-old company will help grow the audience for its rental marketplace, which it launched last month. HotPads has 19 employees, who will continue to work from the company’s San Francisco office.