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Quick answer
Net STR cash flow = gross bookings − platform/host fees − cleaning − supplies − extra utilities − insurance uplift − debt service. Model occupancy off trailing comps in your season, then cut it 10–15 points—if the deal dies, it was never there.
For a related estimate, see Cap Rate Calculator.
Explore further: Cash On Cash Return Calculator · Dscr Calculator
Breakeven nightly (concept)
Monthly fixed costs (PITI, insurance, baseline utilities) + variable costs per stay + fees = required gross. Divide by booked nights to get breakeven ADR before profit. Excluded: income tax, furniture depreciation, and regulatory fines—real, but outside a quick cash-flow line.
Explore further: Brrrr Calculator · Price Per Square Foot Calculator
Short-term rentals stack volatile gross revenue on top of the same fixed housing costs as long-term rentals—mortgage, insurance, taxes—plus STR-specific churn. Use it when you are deciding whether STR premium survives fees, cleaning, and your own time versus a 12-month lease.
How to use this calculator
- Build revenue from booked nights: ADR × nights booked × 12, adjusted for seasonality—not “what similar listings ask.”
- Load variable opex honestly: Turnover cleans, restocking, higher maintenance, and local taxes hit STR harder than LTR—use real invoices, not guesses.
- Price your time: If you self-manage, either pay yourself a wage in the model or admit the return is partly a job.
STR premium vs operational load
Gross can be 30–80% higher than LTR in some markets; net after time and churn often shrinks that gap to single digits.
Real-world examples
- Case study: $185 ADR, 62% occupancy: ~18.6 booked nights/mo → ~$3,440 gross. Platform + host fees 16% → ~$2,890. Cleaning $375, supplies $120, extra utilities $95 → ~$2,300 before mortgage. PITI $2,050 → ~$250/mo before reserves and income tax—one bad month of reviews or a regulation change erases that.
- Occupancy 62% → 50%: Same ADR—revenue drops ~19%; fixed costs do not. That is why STR underwriting uses downside occupancy, not Instagram peak season.
What to decide
If net STR beats long-term rental cash flow only at peak season and 70%+ occupancy, you are running a seasonal business, not passive income. Regulation risk (HOA, city caps) belongs in the go/no-go, not a footnote.
FAQ
What occupancy should I use?
Use a trailing range from comparable listings in your seasonality bucket—70% in one market can be fantasy in another.
Are STR expenses higher than long-term?
Usually—turnover, cleaning, utilities, and platform fees stack up; compare against long-term [rent vs buy](/rent-vs-buy-calculator) holding scenarios when you are on the fence.
Do regulations matter?
Yes—HOAs, zoning, and permit rules can zero out modeled revenue; legal use is an input, not an afterthought.
How do I compare STR to a long-term lease?
Normalize net income after all fees and management, then stress vacancy up 10–15 points—if the premium disappears, the STR edge was fragile.