The State of Rented Leads 2026
What contractors pay lead marketplaces, how the major platforms charge, what they refund, and what changed in the last two years. Built only from SEC filings, FTC records and the platforms' own published policies, with every figure linked to its source.
Pros paid Angi $587.1 million in U.S. lead fees in 2025, 57% of its revenue, and its annual report says those fees are owed whether or not the pro gets the job. [1] Across the major platforms, you pay for the chance to compete, refunds come as credits or at the platform's discretion, and nothing you buy keeps working once the spending stops.
Five numbers from the filings.
Angi U.S. lead revenue in 2025, 57% of its $1.03 billion total revenue [1]
Leads Angi reported in 2025, from 15.5 million service requests [1]
Leads per service request on average in 2025. Our arithmetic on Angi's reported totals, not an Angi figure.
Average monthly active pros on Angi in Q4 2025 [1]
Maximum HomeAdvisor agreed to pay in its 2023 FTC settlement [15]
Lead fees are shrinking at the biggest marketplace. They are still most of its business.
Angi's U.S. lead revenue fell from $781.1 million in 2023 to $587.1 million in 2025. It is still more than half the company's revenue.
| Year | U.S. lead revenue | Change |
|---|---|---|
| 2023 | $781.1 million | Base year |
| 2024 | $606.6 million | -22.3% |
| 2025 | $587.1 million | -3.2% |
Every major platform charges for the chance, not the job.
How each platform charges, who you compete with, and what happens when a lead is bad, from each platform's own pages.
| Platform | How pros pay | Competition for the customer | Bad leads and refunds |
|---|---|---|---|
| Angi | Pays for each consumer match, whether or not the pro gets the job, and for leads whether or not the pro opens or responds to them [1][20] | Homeowners choose which pros they connect with on nearly all experiences since January 2025 [2] | Credits toward future leads for set reasons; must have tried to call within 24 hours; credits expire after six months [3] |
| Thumbtack | Pays per lead when a matching customer reaches out; pros set their own lead prices [6] | A customer can contact up to five pros in the first four hours, more after that [4] | Automatic refund if the customer replies to no pro in 72 hours; other refunds at Thumbtack's discretion, to your balance by default [4][5] |
| Google Local Services Ads | Pays per valid lead, including a missed call during business hours once the caller stays on more than 20 seconds; price varies by location, job type, lead type and bidding mode [7] | The customer contacts you directly from the ad | Google decides which leads to credit, usually within 30 days; moving into Google Ads from August 2026 [8][9] |
| Yelp Ads | Pays per click, not per customer; plans from $150 a month [10][11] | Shoppers compare several businesses on the same results page | Spend is capped at the monthly budget you set [11] |
| Bark | Pays in credits, $2.35 per credit; credits per lead vary by job [12] | More than one professional can respond to a lead | Credits bought since November 2025 expire after three months; unused credits aren't refunded [12] |
| Networx | Pays per lead, listed at $10 to $100+, or $15 to $120+ for exclusive leads [14] | A single pay-per-lead lead goes to up to four contractors [13] | See the platform's own terms |
The rules changed in 2025 and 2026.
Two of the largest platforms changed how leads are matched and billed. Older advice about how they work is out of date.
- Mar 2022FTC files its complaint against HomeAdvisor. It alleged the company misrepresented the quality and source of leads sold to contractors. [18]
- Apr 2023Final order approved. HomeAdvisor settled, agreeing to pay up to $7.2 million and to stop misleading lead claims, without a finding that the allegations were true. [16]
- Nov 2023Refunds mailed. The FTC sent more than $3 million in 110,372 checks to businesses that paid for HomeAdvisor memberships. [17]
- Jan 2025Angi moves to "homeowner choice." On nearly all experiences, homeowners connect only with pros they select, ending most automatic matching. [2]
- Nov 2025Bark credits start expiring. Credits bought from November 1, 2025 expire three months after purchase. [12]
- Dec 2025Google's Money Back Guarantee stops covering new bookings. Customers can claim only for services booked through Local Services Ads before December 7, 2025. [19]
- Aug 2026Local Services Ads move into Google Ads. Migration began for select U.S. advertisers, still charging per valid lead. Manual bidding is being deprecated. [9]
- Oct 2026Google's help page bills missed calls. Read on October 31, 2026, it counts a missed call during business hours as a valid lead when the caller stays on more than 20 seconds. Google's page gives no start date for the rule. [7]
What the numbers mean for an owner.
Measure cost per job, not cost per lead. A lead price only tells you what a chance costs. Divide what you spent on a platform in a month by the jobs it actually produced. Our lead cost calculator does it with your numbers.
If you buy leads, answer every one. Angi charges for leads whether or not you open or respond to them, and Google bills a missed Local Services Ads call during business hours once the caller has stayed on more than 20 seconds. [20][7] Thumbtack tells pros that many customers hire the quickest and most helpful pro, and Angi's credit policy requires a call attempt within 24 hours. [5][3] If your phones can't answer fast, rented leads are the most expensive kind. A ring group and an AI receptionist help close that gap; our guide to the 2026 Local Services Ads changes shows how.
Treat credits as a discount, not a refund. Credits that go toward future leads, or expire, keep you buying from the same platform.
Put part of the spend into things you keep. A website that ranks, a complete Google Business Profile, a review habit, a phone that always answers and a customer list you market to every season keep working after the spending stops. Here's how owning compares.
About this report.
Who made this report and how?
Dillard's Digital compiled it from public sources only: Angi's annual and quarterly SEC filings, the FTC's case records, and each platform's own help and pricing pages, read in October 2026. Every figure links to its source. We added no survey data and no estimates of our own except where a calculation is labeled.
Can I quote or republish these figures?
Yes. Please cite the original source for each figure (linked in the report) and link to this page as the compilation. The suggested citation is at the bottom of the report.
Does Angi still send one homeowner's request to several pros?
Angi says that since January 2025 homeowners on nearly all of its experiences are connected only with pros they select. Its annual report still says a single service request can result in multiple leads. In 2025 it reported 20.2 million leads from 15.5 million service requests.
Does Google charge for missed Local Services Ads calls?
It can. Read on October 31, 2026, Google's lead rules count a missed call during your business hours as a valid lead when the caller stays on the line more than 20 seconds, and a call that reaches voicemail is charged the same way. Business hours are the hours on your Google Business Profile.
Is pay-per-lead always a bad deal?
No. It can fill a new company's calendar. The question is what each paying job costs once lost and unanswered leads are counted, and what you own when you stop paying. Our lead cost calculator does that math with your own numbers.
Dillard's Digital, "The State of Rented Leads 2026," October 2026, https://dillardsdigital.com/reports/state-of-rented-leads-2026/. Cite the original filings and policy pages for individual figures.
Sources (read October 2026)
- Angi Inc. Form 10-K for fiscal 2025 (SEC)
- Angi Q1 2025 earnings release (SEC 8-K, Ex. 99.1)
- Angi help: How to request a lead credit
- Thumbtack: Quality commitment
- Thumbtack: Refund policy
- Thumbtack: Pay for leads
- Google Local Services Ads: How leads work
- Google Local Services Ads: Lead credits
- Google Ads: Local Services Ads in Google Ads
- Yelp for Business: Pricing
- Yelp: How cost-per-click advertising works
- Bark help: What is a credit and how much does it cost
- Networx help: Pay per lead
- Networx help: How much do leads cost
- FTC: Order requires HomeAdvisor to pay up to $7.2 million (Jan 2023)
- FTC: Final order against HomeAdvisor (Apr 2023)
- FTC: More than $3 million returned to businesses (Nov 2023)
- FTC: HomeAdvisor, Inc. case page (Docket D-9407)
- Google Local Services Ads: About the Google Verified badge (Money Back Guarantee ending)
- Angi help: Opportunities and leads frequently asked questions
Compiled from public sources; not legal or financial advice. Platform policies change; check each platform's current terms.
Still renting? Run your numbers.
Get a free system quote: we look at your site, your Google presence, your phones and what your leads really cost per job, then put the fixes and their cost in writing.
Get a free system quote