Vacasa is bringing its vacation rental business to urban markets with the launch of Vacasa Multifamily.
The initiative finds the Portland-based company partnering with real estate developers and property managers to provide short-term rental management services for vacant units.
With these partners, Vacasa Multifamily will enter into long-term lease agreements to turn their units into short-term rentals.
For real estate developers and property managers, the partnership will allow them to drive revenue and have assistance during lease-up.
They also benefit from Vacasa resources including a dedicated compliance and legal team, security technology partners, on-site and local teams, interior design experts and booking platform partnerships with companies like Airbnb and Booking.com.
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Vacasa Multifamily has launched in seven urban markets including Chicago, Houston and Seattle and will expand to more in 2019.
Expedia Group recently announced a similar effort in which it acquired two software companies to address issues faced by multifamily communities.
Last month, Vacasa landed a $64 million funding round to boost domestic and international expansion, and it bought Oasis Collections, which the company says puts it ahead of Wyndam Vacation Rentals as the largest vacation rental company in North America. It has 10,600 vacation homes in its portfolio.