I was looking into this as well. The main difference between the two is user acquisition. Airbnb is doing no marketing right now and vrbo is doing lots. Also 46

I was looking into this as well. The main difference between the two is user acquisition. Airbnb is doing no marketing right now and vrbo is doing lots. Also 46% more of their users go directly to Airbnb.com versus Vrbo. So you can run the exact same business but if one doesn't need to advertise and the other does it can make huge differences to the financials.