AvantStay

Los Angeles-based vacation rental property manager AvantStay has laid off 37 employees, representing less than 10% of its staff. This marks the company's third round of job cuts within the past year, part of an ongoing reorganization strategy aimed at improving operational efficiency and reducing costs. The move reflects broader challenges in the vacation rental management sector, which has faced a market reckoning following the pandemic boom.

AvantStay, a Los Angeles-based next-generation hospitality platform, laid off 144 employees on November 9, 2022, representing 22% of its workforce. This marked the company's second round of layoffs in 2022, following 43 job cuts in July. Co-founders Sean Breuner and Reuben Doetsch attributed the difficult decision to over-hiring based on overly optimistic growth forecasts, noting they hired for four times growth but achieved three times, with over $200 million in bookable revenue. They cited operational inefficiencies and ballooning costs as key factors. The hospitality industry company provided severance, extended healthcare, career support, and other assistance to affected employees while focusing on controlled future growth.

Property manager AvantStay, a short-term rental company in the travel industry with around 600 employees, confirmed a net reduction of 19 staff over the past month. This resulted from 43 job cuts, which the company described as part of a "gradual reorganization" rather than traditional layoffs, offset by some hiring during the period. The announcement was made on a Friday, indicating the changes occurred within the prior 30 days.