Vacasa tips

The CEO of property management company Vacasa wrote to employees today that there would be a “significant restructuring of the company” and layoffs because the vacation rental market is “in for another difficult year.”

Few people know Vacasa like Kimberly White does. In 2009, she became Vacasa’s first employee after having been a housekeeper for founder Eric Breon. In 2023, Breon left the company, but as a major shareholder, was able to appoint her as a board member. 

Dealmaking has kept short-term rental businesses in Europe busy. The past few months have seen an uptick in activity — be it mergers, or acquisitions or rebrandings. 

You read it here first: Swiss travel investor Viadi Group has acquired British luxury villa rental marketplace, Edge Retreats. 

Skift Analysis: Vacasa‘s debut into the public market in December 2021 had a significant impact on the short-term rental industry. Being one of the largest branded property managers in the U.S., Vacasa plays a crucial role in various aspects of the short-term rental sector and serves as an important indicator for the industry’s overall performance.

Welcome to a brand new week, folks! After a harrowing trip back home, I can confirm that Europe has an airport staff shortage.

Top of the morning to you, readers! In the spirit of debate, here’s a contrarian view we don’t hear often: Alleged proof that banning Airbnbs indeed makes rents and housing more affordable. Real Estate Economics crunched the numbers for us, and urges you to look at Irvine, California as a case study.

Property manager Vacasa announced its intent to conduct a one-for-20 reverse stock split that’s geared to get its share price higher than $1 per share and therefore to be continued to trade on Nasdaq.

In a second round of cuts since mid-year, property manager AvantStay laid off 144 staffers, about 22 percent of its workforce, according to a published report from Short Term Rentalz.

Vacasa Chief Commercial Officer Craig Smith left his post abruptly Monday just four months after taking the position, and TurnKey co-founder T.J. Clark replaced Smith in the role, Skift has learned.

HomeToGo, the Germany-based vacation rental business that went public in Frankfurt in 2021, said this week that it has started strongly in 2023 and is on track to break even this year.

On Wednesday, we published a deep dive into Chinese outbound tourism by Asia Editor Peden Doma Bhutia. The spark of the story came from a discussion she had in December with Trip.com Chief Operating Officer Schubert Lou at Skift Global Forum East. “The article is an attempt to cut the clutter and talk about how the Chinese tourist has changed and how destinations should approach this change,” Bhutia told me this week. “Also, call it perfect timing, the deep dive came out the day China removed its final Covid-induced hurdle for travel and resumed issuing tourist visas.”

Vacasa, a manager of vacation rentals, has complained in recent earnings calls about problems with supply, as some owners have left its platform. Now it’s complaining about demand.

Short-term rentals sit at an inflection point after several years of hypergrowth. The sector was the best performing during the pandemic, but is this pace of growth sustainable?

Expedia Group and Vacasa are both going through tech updates as they work to improve their platforms and compete in the growing industry. 

Los Angeles-based property manager AvantStay confirmed it laid off “less than 10%” of its staff, or 37 employees, its third round of job cuts in the past 12 months.

The short-term rental industry has seen a significant boom following the pandemic, largely due to the rise in remote work. However, industry executives gathered at Skift’s Short-Term Rental Summit to discuss the future of the sector and its sustainability.

Vacasa’s public debut in December 2021 was a big deal for the short-term rental market. As the largest branded property manager in the U.S., it touches nearly every part of the short-term rental sector and is an important bellwether for the space.

Property manager Vacasa is seeing itself through some unfavorable market dynamics such as a revenue decline and homeowners expressing disappointment in their income, but is forecasting “slight” profitability on an adjusted EBITDA basis for full-year 2023 as it continues to cut costs and push for operational efficiencies.