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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

GroupWhat's in it
UtilitiesInternet and TV, water and sewer, garbage, electric, gas and other utilities
MaintenanceInsurance, HOA, landscaping, repairs, supplies, software, pest control, permits, other costs, and cleaning as a percentage of revenue
ManagementThe 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.

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