AvantStay Property Manager Implements Third Round of 10% Staff Layoffs in a Year

A group of multi-family building property managers went out of business early in the pandemic. Recently, many vacation rental property managers faced a soft reckoning but still an inflection.

Los Angeles property manager AvantStay confirmed that it had laid off 37 employees or "less than 10 percent" of its workforce, marking its third round in the last 12 months.

"As part of our ongoing reorganization strategy to drive operational efficiency and reduce operational silos, we recently underwent a reorg that affected less than 10% of our workforce," the company mentioned. "This is largely due to our fully proprietary platform and technology efficiencies that we've gained over the past six months."

AvantStay is profitable and aims to create a vacation rental company.

Property management has had to face a reckoning in the last year, after experiencing a surge in daily average rates and demand in the second half of 2020.

AvantStay had made three rounds of reductions or reorganizations in the last six months. In November 2022, for example, the company cut 22% of their staff due to an over-hiring problem and too optimistic forecasts.

Evolve, the property manager, laid off 14% of their staff in December, citing a supply-demand imbalance. Vacasa, another property manager, has also had several rounds of layoffs.

Source: skift.com