One of the UK’s top lettings agents, OpenRent, is set to cease advertising on Rightmove due to a disagreement over the costs charged by the property search platform.

OpenRent, which assists thousands of landlords nationwide in finding tenants, has decided to pull all its listings from Rightmove by the end of this month when its current agreement expires. The company has already removed any Rightmove references from its marketing materials.

Despite efforts to negotiate a new contract, Rightmove announced on Tuesday morning that “conditions for OpenRent’s ongoing Rightmove membership could not be agreed.”

OpenRent, an online lettings agent with an equivalent presence of 700 “branches” across the UK, contributes approximately 8 percent of the rental homes listed on Rightmove.

Given its size, OpenRent has previously secured lower rates from Rightmove, a situation that has been a source of frustration for smaller clients.

Rightmove has warned that OpenRent’s exit will result in a 3 percent decrease in its overall membership this year compared to last year, despite earlier projections of a 2 percent increase shared with shareholders.

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Even with OpenRent’s departure, Rightmove anticipates a revenue growth of between 7 percent and 9 percent this year, alongside a 70 percent profit margin—figures consistent with its previous forecasts.

The FTSE 100 company also indicated that its average revenue per advertiser would climb by £90 to £100 per month this year, an increase from the previous best estimate of £85. This uptick is primarily because OpenRent and other lettings agents generally pay less compared to estate agents and developers.

Despite this optimism, Rightmove shares fell by 23p, or 4.3 percent, closing at 524p on Tuesday.

Rightmove remains the primary destination for UK house hunters, capturing more than 80 percent of the online home-browsing time spent by Britons.

However, the market reacts sensitively to any indications that Rightmove’s stronghold is under threat, especially now that OnTheMarket—a smaller property search site—has been acquired by US property data giant CoStar, which aims to challenge Rightmove’s dominance. OpenRent does not currently list on OnTheMarket but uses Zoopla and PrimeLocation instead.

Sean Kealy, a consumer analyst at Panmure Liberum, described OpenRent’s decision not to renew its Rightmove contract as “disappointing” but noted it is “unlikely to indicate a broader competition-related weakening in Rightmove’s pricing environment.”

He suggested that the busy lettings market means agents have less dependence on Rightmove, as tenants desperate for rentals are likely to explore all platforms, even more affordable ones.

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