CoStar Group Expands Its Strength in Multifamily Listings

CoStar Group (NASDAQ: CSGP) reported second-quarter results on July 24. The provider of commercial real estate information services and online marketplaces delivered strong revenue and profit growth, prompting it to boost its financial forecast for the second time this year.

What happened with CoStar Group this quarter?

CoStar is using acquisitions to widen its economic moat in its online apartment-listings business. Its integration of recent purchase ForRent is progressing ahead of schedule, the company said, and is already helping to boost traffic and sales for CoStar's Apartments.com network of sites.

"In multifamily, we continue to expand our leadership position in unique visitors, visits, leads, and revenue," CEO Andrew Florance said in a press release.

In all, multifamily revenue surged 54% to $105 million in the second quarter.