Portland-based vacation rental company Vacasa is laying off 800 workers – though most are not based in Oregon. The cuts represent 40 percent of Vacasa’s corporate and central operations jobs, and about 6 percent of its field personnel, the company announced in a letter sent to shareholders Thursday.
These layoffs come after a punishing start to 2024 for the company. In the first three months of the year, Vacasa reported a net loss of about $141 million.
Fewer travelers are booking stays at its listings, and when they do book a vacation rental the price per night is often less than the company forecast, Vacasa leaders told shareholders. And officials say they don’t expect to be profitable this year.
“We are in for another difficult year,” CEO Rob Greyber told employees in a letter Thursday.
The company also cut 320 jobs in February, and laid off 1,300 workers last year. About 5,400 workers will remain on Vacasa’s payroll after this round of layoffs. The company employed about 7,700 people at the start of 2023.
In a letter to shareholders Thursday, Greyber said conditions are likely to get even worse because summer bookings and rental prices are below Vacasa’s forecasts.
Vacasa manages rental homes for property owners, taking a commission on the rental fees. But the vacation rental market has been far less robust than Vacasa anticipated in the years after the pandemic.
- Compiled from Oregon Public Broadcasting and The Oregonian/OregonLive
I rented beach properties for 3 years and finally stopped due to the severe price increases…this could be the main reason for the downward turn in people renting. its just too pricey for many people.