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Cap rate calculator
The cap rate calculator is used to understand and compare the potential return on investment from an investment property.
Enter the current market value or purchase price of the property. This is the basis for determining the capitalization rate.
Input the total yearly income generated by the property, including rent, fees, and any other sources of revenue, before expenses.
Input the percentage of annual gross income that represents the property's total operating expenses. This is an alternative way to represent operating expenses if the exact dollar amount is unknown.
Enter the annual dollar amount of all costs associated with managing and maintaining the property, such as utilities, taxes, insurance, and repairs.
Input the estimated percentage of time the property is unoccupied or not generating income. This accounts for potential income loss due to vacancies.
This field displays the calculated yearly income after subtracting operating expenses and adjusting for vacancy rate. This figure is used to determine the capitalization rate and evaluate the property's potential return on investment.
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Evolve vs Vacasa vs AvantStay 2026: Which Manager Is Right for You?

Key takeaways

Evolve vs Vacasa vs AvantStay 2026: Which Manager Is Right for You?

BOTTOM LINE

These three companies serve fundamentally different owner profiles. Evolve is for engaged owners who want best-in-class listing and booking management at minimum cost. AvantStay is for luxury property owners in select markets. Vacasa/Casago is for owners who want full service in established Casago franchise markets. For most owners — full service, competitive fees, nationwide — Awning by RedAwning is the answer none of the three above can match. Use the free Airbnb estimator to model the fee math for your specific property.

The Three Models Compared

FactorEvolveVacasa / CasagoAvantStay
Founded20112009 (Casago 2024)2017
Fee10%25–35%+20–30%
ServiceHalf (marketing)Full-serviceFull (luxury)
CleaningOwner handlesIncludedIncluded
MaintenanceOwner handlesCoordinatedCoordinated
MarketsNationwide35 states30 select markets
Min PropertyNoneNone4+ bedrooms
ContractFlexibleVariesSelective intake
Trustpilot3.8/52.1/53.2/5

Evolve: The Marketing Platform

Evolve's 10% fee covers listing quality, pricing optimization, and guest communication — and little else. For a full breakdown of what Evolve does and doesn't do, see our Evolve property management review. For a direct comparison of Evolve against Vacasa specifically, see Evolve vs Vacasa.

Best fit: Owner-managed properties where the owner lives nearby and has reliable local vendors in place. The risk: owners underestimate the time and cost of self-managing local operations.

Vacasa / Casago: Full-Service National Brand in Transition

Vacasa's acquisition by Casago in December 2024 is the most significant event in the national STR management market in years. For the full picture on Vacasa's post-acquisition status, documented host complaints, and contract terms, see our Vacasa review 2026 and Vacasa complaints analysis.

In established Casago markets, the full-service model is intact and well-reviewed. In markets recently transitioned from Vacasa's corporate model, service consistency is still uncertain. The fee premium (25–35%+) is hard to justify during a period of operational transition.

Best fit: Owners in established Casago franchise markets where local franchisee reviews are strong, and who require intensive full-service local support.

AvantStay: The Luxury Niche

AvantStay's selective model is genuinely differentiated. For a full review of their services, fees, and qualification process, see our AvantStay property management review. For documented host complaints and where they fall short, see our AvantStay complaints analysis.

Best fit: Owners of 4+ bedroom luxury properties in AvantStay's active markets who are accepted after their qualification process. Most vacation rental owners won't qualify.

The Alternative That Beats All Three for Most Owners: Awning by RedAwning

Most owners evaluating Evolve vs Vacasa vs AvantStay are looking for a specific combination: full-service management, competitive fees, nationwide coverage, and no lock-in. None of the three above hits all four simultaneously. Awning — powered by RedAwning — was built for exactly this gap: 10–15% full-service management, available in any U.S. market, on month-to-month terms. For proof of concept, see the 7 best Airbnb management companies ranking where Awning leads the field.

CompanyFeeServiceCoverageFlexible ContractMin. Requirement
Evolve10%HalfNationwideNone
Vacasa / Casago25–35%+Full35 states±None
AvantStay20–30%Full (luxury)30 markets4+ BR
Awning (RedAwning)10–15%FullNationwideNone

Decision Framework: How to Choose

  • I want the lowest possible fee and I'll handle local ops myself → Evolve
  • I own a luxury 4+ BR in a premium market and AvantStay operates there → AvantStay
  • I'm in an established Casago market and need intensive full-service support → Vacasa/Casago
  • I want full-service, competitive fees, nationwide, no lock-in → Awning by RedAwning

 

Not sure what your property could earn? Run the numbers first with the free Airbnb revenue estimator before committing to any manager.

Frequently Asked Questions

Which company has the best host reviews?

Awning: 4.7/5. Evolve: 3.8/5. AvantStay: 3.2/5. Vacasa/Casago: 2.1/5.

Is Evolve better than Vacasa?

For hands-on owners who want minimum cost: yes. For owners who want truly hands-off management: Evolve's half-service model requires you to self-manage cleaning and maintenance. The better comparison for most owners is Awning vs Vacasa — same full service, significantly lower fee.

What happened to Vacasa?

Vacasa was acquired by Casago in December 2024 for approximately $128.6 million. It now operates as part of Casago's franchise network with service quality varying by local franchisee. See our full Vacasa review for complete detail.

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