Operating expenses
Also called opex, running costs, operating costs. Last reviewed Oct 8, 2026 by Jeremy Werden
Operating expenses are the recurring costs of running a rental property, such as utilities, cleaning, maintenance, insurance and platform fees, but not mortgage payments or property tax. In a BNBCalc analysis they're grouped into Utilities, Maintenance and Management, and some scale with revenue.
Operating expenses = utilities + maintenance + management
What BNBCalc counts
| Group | What's in it |
|---|---|
| Utilities | Internet and TV, water and sewer, garbage, electric, gas and other utilities |
| Maintenance | Insurance, HOA, landscaping, repairs, supplies, software, pest control, permits, other costs, and cleaning as a percentage of revenue |
| Management | The host platform fee, a property management fee and lodging tax, each as a percentage of revenue |
Because cleaning and the management fees are percentages, they rise and fall with revenue. On $5,000 of monthly revenue, for example, an 8% cleaning cost is $400 and a 15.5% platform fee is $775.
What isn't an operating expense
Mortgage payments, property tax and mortgage insurance sit under Mortgage & Taxes instead, and one-time costs like furniture and closing costs go under Cash Investment. That split matters for cap rate and NOI, which only subtract operating expenses.