Renters, a short-term rental operator managing the largest portfolio of apartments in the CEE region, is launching its international expansion. The company has just completed its first international acquisition – Flat Manager in Bulgaria. This merger marks the first step in implementing their strategy to become the regional leader in short-term rental management in this part of Europe.
Renters.pl is the largest and fastest-growing short-term rental operator in Poland. The company began consolidating the market at the beginning of 2023 after securing support from a private equity fund managed by Enterprise Investors. Renters strengthened its leadership position in the Polish short-term rental market by first acquiring Rent Like Home and then companies Sea-View Apartamenty and ApartView. Through dynamic organic growth and acquisitions, the operator has nearly outclassed local competition.
The next acquisition for Renters is a leading company in the foreign market. Flat Manager, founded in 2017 by local entrepreneurs Kamena Maneva and Boris Pavlov, is the leading short-term rental manager in Bulgaria. It specializes in comprehensive management of apartment rentals across all market segments. The company operates in 14 cities and resorts in Bulgaria, managing nearly 600 apartments and has facilitated stays for over 100,000 clients.
“Through this transaction, we not only expand our portfolio but also gain valuable know-how, experience from the Bulgarian market, and fantastic partners. Our approach is based on synergy, aiming to leverage the best practices of both organizations without imposing our methods and operational processes. We believe that by combining the skills and unique expertise of both companies, we can create and co-create future trends in our industry in the CEE region. We want to retain the brand we are acquiring because we recognize its value and see its huge potential,” says Kamil Krzyżanowski, CEO of Renters.pl.
Apartment owners in Poland and Bulgaria will also benefit from the merger, gaining access to a broader market in new locations, and guests looking for rental apartments will enjoy an expanded offer and improved conditions.
“Joining Renters strengthens Flat Manager as a major player in the Balkans, ready for further development. We will enhance our services, raising both the guest experience standards and increasing rental profits for apartment owners in Bulgaria. We continue our operations as Flat Manager, retaining our team and existing approach. The new owner brings extensive experience, access to advanced management processes, and innovative solutions that will increase our efficiency,” says Kamen Manev, CEO of Flat Manager.
“This is just the beginning of our international expansion. We are already in talks for further acquisitions in the Central and Eastern European market. We plan to join forces with local operators to build the largest platform in the short-term rental management industry in our part of Europe. I believe we won’t have to wait long for the results,” adds Jakub Kuberski, Partner at Enterprise Investors.
Since its inception, Renters has grown at a rate much higher than the market. Within three years of its founding, in 2021, it became the first Marriott network partner in Poland and ranked 36th among the top 50 largest short-term rental operators worldwide in the global Top Property Managers ranking. The following year, it maintained its position at 36th place. Renters.pl’s offer includes marketing and demand generation activities, a dynamic pricing management process supported by proprietary systems and algorithms, reservation and guest stay services, as well as apartment cleaning and maintenance.
