The agency is understood to have been in a process that involved Droga5.
A spokeswoman for HomeAway confirmed that it will be working with Saatchi & Saatchi.
The company has recently been overshadowed by Airbnb, even though it is more established and has a greater proportion of the market in the US.
Last year, it was reported that HomeAway filed a lawsuit against the city of San Francisco, which passed a law to regulate short-term rentals in private homes. The company claimed that the law unfairly benefits Airbnb, which, unlike operators such as HomeAway, is not required to pay hotel taxes.
Landlords that advertise properties on HomeAway tend to run their holiday homes as a business. In contrast, Airbnb vendors often rent out their main home or rooms in it.
Airbnb appointed TBWA as its first global creative agency in September last year. The account is led out of TBWA\Chiat\Day in Los Angeles.