Vacation rental management business Vacasa said Wednesday it will lay off another 5 percent of its employees as the Portland company’s outlook continues deteriorating.
“2024 is off to a difficult start,” Vacasa wrote in a letter to shareholders accompanying its quarterly financial results. The company said demand for domestic vacation rentals is “softening” and the value of its bookings will be weak through at least the first half of the year.
Vacasa said it plans to lay off 320 people across the company, with the cuts falling most heavily on those working in its central offices. It will pay between $4 million and $5 million in severance and other costs.
Vacasa had about 200 Portland employees after layoffs a year ago. It said it laid off 10 in Portland in Wednesday’s cuts.
Vacasa manages rental homes for property owners in vacation destinations across the country. It lists the rentals on its own site and others, and the company provides cleaning and maintenance services. It takes a percentage of the rental fees it collects and pays the rest to the property owners.
— The Oregonian/OregonLive
Good, maybe our state should be taxing these places that do not contribute to long term housing double or triple property taxes to take the profit out of not providing housing with these properties. They always send me mail telling me all this money I can make using my home as a vacation rental. I love my home and it will never be used like that, ever. Homes should be for housing first and foremost not as an investment vehicle to make money off of.