Redfin has announced yet another round of layoffs. According to a document filed with the Securities and Exchange Commission Tuesday evening, Redfin will be cutting 450 employees from its rental division.
This announcement came just hours after Zillow announced a syndication deal with Redfin for its rental listings on its Q4 2024 earnings call with investors.
According to SEC filings by Zillow and Redfin, the Glenn Kelman-helmed firm will start syndicating Zillow rental listings in multifamily buildings with more than 25 units to Rent.com and AmartmentGuide.com. Zillow is paying Redfin $100 million for the syndication rights. Additionally Zillow will also pay to receive leads generated through the syndication for up to nine years as part of the deal.
This latest round of layoffs comes just a month after Redfin let go of 46 employees involved in management, field leadership and program roles at its headquarters.
“This restructuring primarily consists of eliminating certain employee roles within, or that support, our rentals segment between February and July, 2025,” Redfin said in an SEC filing about its latest round of layoffs. “We expect this restructuring will impact approximately 450 rentals employees.”
In total, Redfin said that the planned restructuring would cost $18 million to $21 million and it would be completed by the end of Q2 2025.
Redfin is set to announce its quarterly earnings at the end of the month.
This is the sixth round of layoffs at Redfin since June 2022, when Redfin laid off 500 employees as the housing market began to turn. It then cut another 862 positions in November 2022, partially due to the shutdown of its iBuying program. Prior to the January 2025 layoffs, Redfin last laid off 82 employees in August 2024.
During the third quarter of 2024, Redfin reported revenue of $278 million, up 3% annually. But the company reported a net loss of $33.8 million, up from a loss of $19 million in Q3 2023.
