Vacasa, which bills itself as the “largest vacation rental company” in North America and recently raised $64 million, now has its sights set on the multifamily industry.
Vacasa announced Wednesday that it is expanding into the multifamily business by launching Vacasa Multifamily, a new initiative wherein the company will seek to partner with landlords in urban city centers to turn empty apartments into short-term rentals.
According to the company, Vacasa Multifamily will enter into long-term lease agreements with “leading” real estate developers and property managers that want to turn vacant units into short-term rentals that adhere to regulations.
“The industry has seen an increase in guest demand for urban short-term rentals, and we’ve been approached by developers and property managers seeking our vacation rental management services,” said Joshua Viner, senior manager of Vacasa Multifamily.
“We’re excited to bring our decade-long property management experience to the multifamily space and offer diverse inventory for business and leisure travelers, as well as families looking to stay in urban destinations,” Viner added.
According to the company, it will take all the hassle out of the short-term rental process for landlords. “From navigating complex local regulations and increasing operational efficiencies, to driving bookings and optimizing nightly rates, Vacasa Multifamily is there every step of the way for its partners,” the company claims.
The company says that will over a “dedicated compliance and legal team” that will help landlords navigate the complex laws surrounding short-term rentals that vary from city to city.
Vacasa works with property automation partners, including NoiseAware, PointCentral, and VirtualKEY, and will bring those features to its clients.
Vacasa also states that it has booking partnerships with leading short-term rental platforms, including Airbnb, Booking.com, and HomeAway, which will help landlords keep their short-term rentals constantly rented.
Vacasa Multifamily is already operating in Chicago, Dallas, Houston, Portland, San Antonio, Seattle, and Boise, and plans on adding more markets next year.
“As the demand for alternative accommodations has grown, so has the opportunity for Vacasa,” Eric Breon, CEO and founder of Vacasa, said.
“The multifamily industry is on the rise and to be successful, property managers need to deliver a high-quality and consistent experience for guests, while providing stable revenue for building developers and landlords,” Breon added. “What we’ve traditionally brought to the vacation rental industry, we’ll be offering in the multifamily space: provide great guest experiences and increased revenue for our owners.”