TravelUS

VTrips Layoffs

October 2023

VTrips announced a layoff affecting 75 employees (9% of its workforce) in October 2023. The company operates in the Travel sector.

People Affected

Percentage

Announced Date

Oct 7, 2023

About

In late September, Florida-based vacation rental property management company VTrips laid off approximately 75 employees, representing over 9% of its full-time workforce. Founder and CEO Steve Milo described the cuts as "seasonal layoffs" and "planned synergies," citing a strategic shift following rapid expansion through acquisitions in 2021 and 2022. The company, like others in the U.S. property management industry, faced a downturn in 2023, with average daily rates and occupied nights falling about 10% below budget. This move reflects broader challenges within the sector as companies adjust to post-pandemic market realities.