SAN FRANCISCO, CA – Kasa Living, a tech-enhanced, flexible accommodations brand and operator, has expanded into the burgeoning Single Family Leisure industry. The company has entered into a partnership with affiliates of an institutional real estate investor to manage single family homes as short-term vacation rentals. The strategy is consistent with Kasa’s existing partnerships with institutional owners of multifamily and hotel assets to transform properties into stylishly furnished, professionally managed Kasas that cater to business and leisure travelers seeking trustworthy and comfortable accommodations.
The partnership’s initial homes are in the Miami-Fort Lauderdale area, where Kasa is now offering luxury single-family vacation rentals in some of the region’s most sought-after locations. Kasa plans to expand in South Florida as well as additional markets to meet a growing need for professionally managed vacation rental homes. With demand for premium vacation rental options on the rise, Kasa’s expansion into the Single Family Leisure sector is a natural progression for its brand.
The market for short-term rentals has grown into a massive industry given evolving changes in demographics and consumer preferences for leisure travel. From 2015 to 2022, gross bookings across the global vacation rental market more than doubled to over $150 billion. Over the same time period, vacation rentals’ share of hospitality bookings increased from 10% to approximately 20%. Yet a 2022 report by AirDNA estimates that of the 500,000-plus active Airbnb hosts in the US, only 5,000, or approximately 1%, oversee 21 or more listings. Even fewer offer a consistent, branded, experience for 365 days per year for institutional owners.
“We are excited to enter the Single Family Leisure sector and offer our guests the same high-quality experience they have come to expect from Kasa, but now in the form of a luxurious single-family vacation home,” said Roman Pedan, Founder and CEO of Kasa Living. “This is an extension of our core value proposition, which is to unlock the power of livable space. We see this as a significant opportunity to meet the growing demand for premium vacation rental options and offer a consistent, branded experience that has existed for years in the hotel market but has been lacking in the vacation rental market.”
Source: Kasa Living