What the Biggest Vacation Rental Companies in the U.S. Actually Look Like

Understanding Scale in U.S. Vacation Rental Management as of 2026

Vacation rentals in the U.S. aren’t just about beautiful homes and bustling guest calendars—they’re also a business shaped by scale, competition, and operational discipline. If you’ve driven along the Denver foothills or wandered Colorado’s mountain getaways, you might wonder who’s managing the thousands of vacation homes behind all those online listings. The answer: it’s a mix of local experts, longtime operators, and fast-growing national groups—each with their own approach to growth and guest service. Knowing how these large operators are structured can help savvy owners choose partners who prioritize stability and quality, not just size.

New Data Reveals the True Scale of U.S. Operators

In 2025, the team at Comparent published a list ranking the largest 100 vacation rental management companies in the U.S. While many readers saw it as a simple leaderboard, the data told a deeper story—especially for managers overseeing 250 listings or more.

Within this group, portfolio sizes ranged from just above 250 to over 37,000 properties. What surprised some was the huge range: “enterprise” operators varied from small regional groups to vast national brands. A company’s listing count is just the starting point. What distinguishes lasting firms is how they handle communication, tech, and on-the-ground execution.

Diving into the Numbers: How Big is “Big”?

89 of the top 100 companies each manage more than 250 homes.
Portfolio sizes start at 225 and climb to a staggering 37,437 properties (with Casago topping the list).
The upper tier—top 10 by size—handle anywhere from 2,700 to more than 37,000 properties.
Mid-tier: Companies ranked 11–30 manage around 1,000 to 2,700 homes.
Rank 31–50: Between 500 and 1,000 listings.
Rank 51–89: Between 250 and 500 listings.

If you’re investing or thinking about hiring a vacation rental manager, it’s worth knowing these thresholds. They suggest which partners may have robust systems, and which are still founder-led and personal. At the 250+ scale, the business changes—DIY tools and informal processes fall away, replaced by formal teams and robust infrastructure.

Why 250 Listings is the Breaking Point

Owning or operating just a handful of rentals is nothing like managing hundreds. Once a company crosses the line at 250 homes, everything changes:

Casual approaches stop working—systems become essential.
Owner communication gets elevated to formal processes.
Layered operational management becomes the standard.
Dedicated software shifts from handy tool to daily necessity.

Below this level, founders usually drive growth and relationships hands-on. Above it, the work becomes organizational—with many teams and often, new leadership structures. Still, size alone doesn’t dictate how these companies run. There’s no one-size-fits-all model at scale.

Five Types of Large-Scale U.S. Operators

Within the universe of managers running 250-plus properties, five main archetypes stand out. Each has carved a unique path—even as their portfolios may look similar on paper.

Legacy Regional Operators

These groups were around before Airbnb took off, building their reputation through decades of service in a single region. Their roots run deep, often in places like the Outer Banks or Myrtle Beach. Trust and local expertise are their calling cards, and many still manage between 500 and 2,000 homes within just one or two markets. They tend to grow slowly and maintain tight bonds with property owners in their communities.

Multi-Market Aggregators

Speed is everything to these firms. Rather than relying on organic growth, they expand quickly through mergers, acquisitions, or franchising—absorbing smaller brands under a single umbrella. Their presence spans many regions, though keeping consistency and alignment between local teams and owners can be a challenge. Casago, Grand Welcome, and VTrips are examples of this build-fast, integrate-later model.

Tech-Driven, Multi-Market Platforms

Here, technology leads the way. These operators stretch across dozens of markets and centralize everything from finances to guest support using powerful tech. Their teams are sometimes massive, but their operational playbook relies on standardized processes, automation, and national strategy. Evolve and AvantStay often fit this description—bringing a tech-forward approach to the vacation rental world.

Luxury Specialists

Rather than aiming for the biggest footprint, luxury-focused companies handpick a select portfolio. It’s all about offering high-end service, top rates, and close brand management. They may handle between 250 and 1,000 listings but prioritize higher revenue per home and a tightly curated guest experience. For owners, these managers feel more like boutique hospitality brands than giant aggregator platforms.

Urban and Hybrid Operators

This group plays at the intersection of short-term rentals, serviced apartments, and aparthotel operations. They’re typically found in large cities, focusing less on the number of markets and more on perfecting their niche. They might resemble hotel operators in how they structure teams and manage guest services. Kasa and Placemakr are leading names in this category.

Does Headquarters Still Matter?

Surprisingly, a company’s headquarters often says little about where its listings are—it’s not unusual for a firm based in Florida or Colorado to manage properties across the country. Yet, the place a company calls home still affects its culture, operational “DNA,” and initial growth strategy. Legacy players often emerge from mature markets where professional management set in early—think Florida coasts, the Smoky Mountains, or major ski destinations. Even as they go national, their fundamental approach is shaped by where they started.

Why Size Doesn’t Mean Quality

Larger portfolios sometimes come with stronger guest and owner ratings, yet not always. Across the group of managers with over 250 listings, guest scores ranged from 3.5 to upward of 4.9. Owner ratings, where shared, showed even more variation. Some sizable operators maintained stellar owner feedback, while others fell short. What truly stands out at scale is how a company organizes itself: solid execution, steady communication, and a leadership team that understands operations can matter more than sheer size.

Recent Market Shifts: What’s Changed Since the Report

The vacation rental landscape doesn’t stand still. Since the release of the 2025 Comparent ranking, two headline changes are reshaping the industry:

Casago’s Acquisition of Vacasa: In 2025, Casago acquired Vacasa, the previous industry giant. Since then, Casago has begun selling off pieces of Vacasa’s portfolio to regional and local property managers, meaning new competitors with 500–2,000 homes are returning to their local roots.
Sonder’s Exit: Once considered a cutting-edge model, Sonder filed for bankruptcy at the end of 2025. This serves as a reminder that scale is no shield against market disruption—especially for companies betting heavily on centralization and tech-forward operations.

Both events signal a return to the basics: durable performance comes from operational strengths and local expertise, not just growth or flashy tech.

What Makes Leading Operators Resilient?

The companies that stick around share more than just size. They’re disciplined about separating day-to-day operations from big decisions—and they keep owner communication clear and consistent. The best blend selective use of technology with an operator’s instinct. Their leadership teams usually come with plenty of hands-on real-world experience, not just a focus on expansion. In other words, they’re run by skilled operators, powered by technology—not the other way around.

Takeaways for Owners and Investors

The Comparent 100 shows which firms have reached impressive scale. But as 2026 unfolds, it’s clear: being bigger isn’t always better. The critical question investors and owners must ask is, “What is this company’s model for scaling—and how do they handle challenges when things get tough?” Scale, when you pass 250 homes, becomes a real test of systems and leadership, not just a badge of honor. If you’re considering a management partner, watch for how they handle communication, decisions, and local market realities. The difference between a smooth, profitable experience and a messy one often comes down to these factors—not simply the size of their portfolio.