Across the VRC portfolio, we expect to finish the year with approximately 5%–20% growth in our core KPIs (Gross Bookings, Nights Sold, ADR, and Occupancy), although performance varies significantly by market. In the context of what many professional managers are reporting (flat to down results, with several urban markets seeing more pronounced declines), we view this as a strong outcome in a challenging year—and a reflection of the quality of homes in our portfolio and the trust you place in our team.

2025 was a year of resilience, and we are optimistic that 2026 will be a year of reinvention. We’re seeing encouraging signs in early market pacing, as well as early results from our increased marketing efforts, that support this optimism.

At the same time, the vacation rental market has largely normalized following the COVID-era surge, and the data continues to reinforce a clear trend: top-tier homes are separating from the pack. Homes with hotel-grade features like white linens, updated furnishings, curated design, thoughtful amenities, and no deferred maintenance, are consistently delivering stronger performance. Meanwhile, homes with dated interiors, limited amenities, and/or deferred maintenance are finding it harder to hold rate and capture their share of occupancy.

Two forces are driving this widening gap: guest expectations have risen (and continue to rise), and platforms like Vrbo and Airbnb are increasingly rewarding quality and conversion with better visibility.

In response, we are leaning into the two levers we can control: demand generation and property quality. We’ve increased our marketing investment across social media and Google to ensure your home reaches the right traveler at the right time. And over the next year, we will be working closely with homeowners to help ensure every home meets our A-Rated standard.

If your revenue has stagnated, now is the time for a targeted refresh. The highest ROI improvements are often straightforward: transitioning to white linens, updating interiors and furnishings, adding amenities that match your guest profile, and (where appropriate) becoming pet-friendly. Our team is happy to consult on your home, share what we’re seeing in your market, and help prioritize improvements that will drive bookings.

In 2026, we will also renew our focus on basic health and safety, not only because it’s a foundational driver of guest satisfaction and reviews, but because it is a core obligation we share in welcoming guests into our homes. We are partnering with Breezeway to strengthen and standardize property care and safety checks across our portfolio, and we will reach out with recommendations where opportunities exist to better align your home with these standards.

Finally, as we close out Q4 2025, KeyData dashboard insights show that guest booking behavior continues to evolve. Travelers are prioritizing flexibility and spontaneity, resulting in compressed booking windows and shorter lengths of stay. On average, year-over-year booking windows have shortened by approximately 5% during key peak booking periods, reinforcing a trend toward shorter lead times even for high-demand seasons. This shift requires us to stay disciplined about policy competitiveness (including cancellation terms and minimum stay requirements) so we don’t unintentionally erode conversion, and to ensure we can secure our share of demand as traveler preferences change.

There’s a lot on the horizon for 2026, and we’re genuinely grateful to have you as our partner. Thank you for your continued trust in VRC—we’re looking forward to the year ahead.

That incremental difference matters. It helps your home rank better, convert more reliably, and ultimately supports stronger pricing. On average, VRC homes earn roughly 10% more per night than homes managed by typical professional firms.

At VRC, we focus on quality because it’s the most reliable way to protect your home’s performance, and it’s something we can meaningfully influence together.