Vacasa is a vacation rental property management company that manages short-term rental homes on behalf of homeowners, primarily across non-urban destinations in the U.S. As of year-end 2024, Vacasa managed approximately 36,500 homes. Vacasa does not own the properties it manages — it acts as an agent, handling everything from listing creation and dynamic pricing to housekeeping, maintenance, and guest communications, so homeowners can collect rental income without self-managing. Vacasa earns revenue from two main sources: commissions on rental income generated for homeowners, and service fees charged to guests on top of the nightly rate. Guests can book directly through vacasa.com or the Vacasa app (roughly 30% of gross booking value) or through third-party platforms like Airbnb, Vrbo, and Booking.com (roughly 70%). Key business drivers are homes under management, nights sold, and GBV per night. Costs are largely local — housekeeping, maintenance, field staff — making revenue per home a critical profitability lever. Vacasa has been restructuring to push more accountability to local market teams and reduce central overhead. In December 2024, Vacasa agreed to be acquired by Casago at $5.02 per share, with a competing bid from Davidson Kempner at $5.25 per share under discussion as of the filing date.