Vacasa Continues to Lose Vacation Rental Owners

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.

Moving on.

On the itinerary today:

Vacasa earnings Airbnb-backed Zeus Living Shutters Private Equity Investor or Airbnb Owner? Vacasa Is Losing Homeowners

Property manager Vacasa’s persistent problem of homeowner churn won’t go away. 

From the end of last year until now, the Portland, Oregon-based company has seen homeowners leaving its platform and CEO Rob Greyber expects it will continue into the first quarter of 2024.

Vacasa’s third quarter revenue stood at $379 million, down 8% year over year. The company reported a net loss of $402 million. The company expects a 6-7% revenue decline in 2023 and an Adjusted EBITDA of $5-15 million for the year.

In covering Inspirato and Vacasa earnings this week, I observed that despite posting steep losses, both companies were optimistic about growing again, thanks to rational business planning and cost saving measures: In both cases, the companies did layoffs, pr