VRMA Administrator
Private equity giant TPG has started buying single-family homes in Florida vacation markets, where it is renting them out nightly as alternatives to hotels and short-term rentals offered in platforms like Airbnb. Other private-equity firms, publicly traded companies like Invitation Homes, and institutional investors have been active buyers of single-family homes for years, leasing their properties for a year or longer. TPG, however, is the rare large investment firm to buy up homes expressly for the purpose of renting them out daily. The firm hired Kasa, a New York-based hospitality firm that manages about 75 properties for daily lodging across the United States, to manage the Florida homes. TPG said that Florida was the test ground, and if the program proved successful it would look to expand to other vacation markets.
Wall Street Journal (11/08/23) Craig Karmin
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