Short-Term Rental Monthly P&L Template

This template is specifically designed for Short-Term Rental property managers to track the monthly financial health of their management company. Unlike a standard property P&L, this focuses on your company's revenue streams and the operational overhead required to manage a portfolio of vacation rentals.

To get started, make a copy of this Google Sheet: File → Make a copy

What This Template Includes

This statement provides a clear monthly financial picture of your management firm's performance across five distinct areas:

1. Operating Revenue: All income earned by your firm, including base management commissions, onboarding fees, maintenance coordination fees, cleaning markups & admin fees, and guest tech/resort fees.
2. Direct Costs (COGS): Costs directly tied to bookings and turnovers, such as platform commissions, merchant processing fees, cleaning labor payouts, guest consumables, and FF&E replacement reserves.
3. Operating Expenses: Fixed monthly overhead required to run your management business, such as staff salaries, software, guest-facing marketing, owner lead generation, and insurance & professional fees.
4. Operating Income (EBITDA): This represents your earnings before interest, taxes, and depreciation. It is the primary measure of your company's operational efficiency and the figure most investors look at.
5. Net Income: The final profit remaining after every expense, including office mortgages, corporate taxes, and asset depreciation, has been paid.

Customization Guidelines‍

Step 1: Enter Business & Period Details

Enter your Business Name and the Period Covered at the top of the spreadsheet.

Step 2: Record Operating Revenue

Enter the income generated by your firm's management activities:

• Base Management Fees: Your primary commission earned from properties.
• New Property On-Boarding Fees: One-time fees charged to owners for setting up new units on your platform.
• Maintenance Coordination Fees: Revenue earned from marking up third-party maintenance and repair vendors.
• Cleaning Markup & Admin Fees: Revenue from marking up turnover cleans and charging administrative fees tied to bookings.
• Guest Tech & Resort Fees: Specialized fees collected from guests.

Step 3: Account for Direct Costs (COGS)

Record expenses that scale with your booking volume:

• Airbnb Channel Fees: Host service fee deducted by Airbnb on each booking.
• VRBO Channel Fees: Commission retained by VRBO per reservation.
• Booking.com Fees: Commission retained by Booking.com per reservation.
• Merchant Processing Fees: Stripe or direct-booking card processing charges.
• Cleaning Labor Payouts: What you pay your cleaners.
• F&E Reserve: Funds set aside for furniture, fixtures, and equipment replacements.
• Guest Consumables: Coffee, paper goods, toiletries, welcome supplies, etc.

Step 4: Enter Operating Expenses

Record the fixed costs of running your office:

• Staff Salaries & Admin Payroll: Monthly compensation for your admin and management team.
• Software: Subscriptions for your property management system, dynamic pricing tools, smart lock platforms, and related SaaS.
• Marketing: Costs for guest ads, direct booking site promotion, and brand marketing.
• Owner Acquisition: Costs tied specifically to bringing new property owners onto your platform, separated from guest marketing because the channels, CAC, and payback periods differ substantially.
• Insurance & Professional Fees: Business insurance, legal, and accounting.

Step 5: Review Monthly EBITDA & Net Income

• Operating Income (EBITDA): The template automatically subtracts your Total Operating Expenses from Gross Profit. Review this each month to gauge operational efficiency.
• Net Income: Operating Income (EBITDA) minus Total Other Expenses (mortgage, business taxes, depreciation). This is your true monthly bottom line.

Summary & Strategic Use

This STR-specific Property Management Income Statement provides a strategic financial framework designed for management firms to scale profitably.

By implementing this standardized reporting system, you gain:

1. A Clear View of Management Profitability: Moves beyond property-level tracking to show exactly how much your firm is earning after staff and software overhead.
2. Seasonal Trend Visibility: Identify your strongest and weakest months to plan staffing, marketing spend, and cash reserves accordingly.
3. Precise Operational Health (EBITDA): Accurate calculation of Operating Income (EBITDA) to measure the raw efficiency of your management services, separate from financing and tax decisions.
4. Detailed Cost-of-Service Tracking: High visibility into "pass-through" costs like cleaning labor, guest consumables, and channel commissions to identify where margins are being squeezed.
5. True "Bottom Line" Net Income: Full transparency into the final cash profit of the business after accounting for office mortgages, corporate taxes, and asset depreciation.
6. Audit-Ready Professional Reporting: A clean, structured format that ensures your firm’s financial health is ready for review by investors, lenders, or potential buyers.

Questions or Need Help?

If you need support or want help automating this process, email: info@topkey.io.