Vacasa says 2024 is off to ‘difficult start’

In its shareholder letter, the company stated: “2024 is off to a difficult start. The short term rental industry continues to adjust to softening demand for domestic, non-urban vacation rentals, as well as increases in supply of short term rental units. As a result, we are experiencing continued bookings variability, and our expectation for average Gross Booking Value per home continues to be challenged, at least in the first half of 2024. Given these dynamics, as well as continued elevated churn, there are a wide range of potential outcomes for 2024. However, we intend to continue to aggressively manage our cost structure and to prioritize adjusted EBITDA profitability, as well as positive free cash flow.”