Vacasa Sees Increase in Properties Leaving Its Platform
Photo Credit: A Vacasa-managed property in Ventura, California. Vacasa is trying to deal with owners abandoning its platform. Vacasa
Skift Take
Vacasa is trying to achieve profitability in 2023 while homeowners are leaving its platform, and it's forecasting that gross booking values will decline. Tough stuff.
Vacation rental property manager Vacasa saw an increase of homeowner "churn," namely properties abandoning its platform, in the fourth quarter and into 2023, and forecast that its average gross booking value per home would dip this year.
CEO Rob Greyber argued that competitors were seeing the same frustration among homeowners after the industry's prior two record years, and that the company's homeowners were actually outperforming those that rivals are managing. He said the company needs to better educate its clients about that dynamic. Vacasa's gross booking value rose 10 percent year over year to $416 million in the fourth quarter.
Vacasa officials made a variety of glum forecasts Tuesday in discussing fourth quarter and full-year 2022 earnings, as well as what's in store in 2023. The
