06 Aug 24
Landlords using OpenRent to find tenants will lose Rightmove access, it has been announced today (6 August).
Rightmove says it has ended its partnership with OpenRent, meaning private landlords using the online letting agent will no longer be able to advertise their properties on the UK’s largest property portal.
The decision follows a breakdown in negotiations over fees.
Contract with OpenRent will terminate
In a statement, the property portal said: “Rightmove plc, the UK’s number one property portal, updates that its contract with OpenRent will terminate with effect from 1 September 2024, as conditions for OpenRent’s ongoing Rightmove membership could not be agreed.
“OpenRent is classified as an online lettings agent within Rightmove’s Estate Agency (Lettings) sub-segment and represents approximately 700 branch equivalents, with less than 8% of Rightmove’s lettings listings in July 2024.
“As has been seen recently, market dynamics – within lettings in particular – are fluid.
“While we remain confident of delivering revenue and margin in line with the guidance above, the precise mix of membership and ARPA may vary.
“Our current estimate is that membership will decline by up to 3% year-on-year, with a year-on-year increase in ARPA of £90-£100.”
Listings will disappear from 1 September
As OpenRent’s listings on Rightmove will disappear from 1 September, the portal has reiterated that its platform is the most popular for finding UK properties.
The margin of popularity is large – Rightmove says it delivers eight times more properties than the next most popular platform.
More than 80% of all consumer time spent searching for a home online, is done on Rightmove.
Rightmove insists its financial outlook remains unchanged despite the loss of OpenRent listings, which account for less than 8% of its lettings inventory.
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