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Zillow agrees to buy HotPads for $16M

SEATTLE (AP) -- Online real estate company Zillow Inc. said Monday it is buying real estate rental and search site HotPads for $16 million.

Seattle-based Zillow said the purchase will allow it to significantly boost the number of leads it sends to landlords. HotPads offers a map-based search engine with about 380,000 rental and 2 million for-sale listings. It also has five mobile apps.

After the deal closes HotPads will become part of Zillow's rental network.

Zillow shares rose 12 cents to $26.23 on Monday.