Many owners from Bucharest and other cities bought on the coast expecting the apartment to rent itself out almost on its own. The first season usually tells a different story: trips to the seaside, messages at all hours and a fixed price that struggles to fill the start of the summer and sells August nights too cheaply. The case study below follows an illustrative apartment in Mamaia over two seasons: one managed remotely by the owner, the other by a specialist manager. You will see, figure by figure, where the extra takings came from, what the management cost, what was left net and which contract clauses mattered.
Illustrative, composite case study. The owner and the apartment do not exist: the case combines situations common on the coast and uses the calculation model from our valuation guide for Constanța and Mamaia. The public benchmarks are the Crosspoint Research report on 2025, VDI.ro data, Constanța Local Council Decision No. 462/2025, the 2026 tax rules, Airbnb’s pages and reporting by Euronews Romania and Agerpres on the 2026 season. All assumptions are stated openly, so you can replace them with your own figures.
Starting point: the apartment and the owner
The apartment has two rooms, a living room and one bedroom, and is in the Mamaia resort. It was bought for €105,000, the median asking price in Constanța for this type of home (VDI.ro), and another €10,000 went on furnishing, equipment, the notary and land registration, so the total investment is €115,000. These are the same assumptions as in the guide to valuing an apartment in Constanța and Mamaia, so you can compare the results directly. The apartment is classified, rented out only through Airbnb, and the owner is not registered for VAT.
The owner lives in Bucharest and works full time. The family keeps one week in August for itself every year, so in both seasons 7 nights are not rented out. The rest of the time, the apartment should pay its own way.
Why Mamaia and not Mamaia Nord. The Mamaia resort is part of the municipality of Constanța, so the local taxes in HCL No. 462/2025 apply. Mamaia Nord is part of the town of Năvodari, which sets its own taxes. If your apartment is in Mamaia Nord, check your obligations with Năvodari Town Hall before you redo the calculation.
Shared assumptions. To compare the two seasons fairly, we applied the 2026 rules to both. Airbnb’s single fee is 15.5%, and for a host not registered for VAT, 21% VAT is added on top, so about 18.8% of takings. Income tax is 10% of net income, which is set at 70% of the takings left after the platform commission. CASS is calculated as if the apartment were the owner’s only source of non-salary income. Utilities, internet and building maintenance fees cost €1,800 a year, and building tax, the fixed Mamaia fee, insurance and repairs €600 a year. A return trip from Bucharest costs €75. The 1% tax on the accommodation price is paid by the guest; if you include it in your price, the result falls by about 1% of takings. ECB exchange rate of 9 October 2026: €1 = 5.3406 lei.
Season 1 (2025): the owner does it alone
In the first year, the owner chose the simplest option: a fixed price of €100 a night for the whole season, a key lockbox with a code and a local cleaning company paid per stay. The calendar opened in June and closed in mid-September, when the cleaning company cut its hours. May and October stayed closed, to avoid another trip to get the apartment ready.
| Month (2025) | Nights available | Nights booked | Average nightly price | Takings |
|---|---|---|---|---|
| June | 30 | 12 | €100 | €1,200 |
| July | 31 | 24 | €100 | €2,400 |
| August, excluding the family week | 24 | 22 | €100 | €2,200 |
| 1–15 September | 15 | 12 | €100 | €1,200 |
| Total | 100 | 70 | €100 | €7,000 |
A 70% occupancy rate looks good, but the table shows two problems. In June, €100 was too high for weekdays at the start of the summer, and more than half the nights stayed empty. In August, the apartment filled up weeks in advance, a sign that the price was too low. The average nightly rate of short-term rental properties in Constanța in August 2025 was €103.8 (Crosspoint Research), and that average also includes studios and apartments far from the beach, not just two-room apartments in Mamaia.
Then there was the time. The owner answered messages in the evenings and at weekends, coordinated the cleaning remotely and made six trips from Bucharest, to open and close the season and for repairs. In total, about 130 hours, or more than three weeks of full-time work.
Season 2 (2026): a manager takes over operations
Before the second season, the owner spoke to three managers working in Mamaia and asked each of them for the same things: a takings projection for each month, a sample monthly statement, the list of services included in the fee and the terms for ending the arrangement. The owner chose the offer with a 20% fee calculated on the amount left after the platform commission, with cleaning invoiced separately at cost and a season open from May to October.
The manager changed three things. First, the calendar: the apartment was open for 177 nights, not 100. Second, the price: instead of a fixed rate, the manager set different prices by month, by day of the week and for peak weekends, benchmarked against similar listings in the same part of the resort. Third, the minimum stay: shorter in the shoulder season, to capture weekends, and longer at the peak. For the manager, Airbnb’s single fee was nothing new: hosts connected to a property management system (PMS) were moved to it automatically as early as 27 October 2025.
| Month (2026) | Nights available | Nights booked | Average nightly price | Takings |
|---|---|---|---|---|
| May | 31 | 10 | €66 | €660 |
| June | 30 | 20 | €85 | €1,700 |
| July | 31 | 26 | €115 | €2,990 |
| August, excluding the family week | 24 | 22 | €135 | €2,970 |
| September | 30 | 20 | €92 | €1,840 |
| October | 31 | 12 | €70 | €840 |
| Total | 177 | 110 | €100 | €11,000 |
One detail is surprising: the average price for the season was still €100 a night. The difference came from the distribution, with lower prices in the weak months and higher ones at the peak. Occupancy fell from 70% to 62%, but over a much longer calendar, so 40 more nights were sold.
The result was not guaranteed. In mid-July, operators quoted by Euronews Romania expected over 20% fewer tourists than the previous summer, and 2026 was the first year in which prices did not rise in high season. Peak weekends still filled up, though: on 8 August, the coast reached 100% occupancy, with over 200,000 tourists (Agerpres). An apartment starting from too low a price, like ours, had room to grow. One already priced at market level would have gained much less.
Where the extra €4,000 came from
| Period | Season 1 | Season 2 | Difference | What drove it |
|---|---|---|---|---|
| May and October | €0 | €1,500 | +€1,500 | new months in the calendar |
| June | €1,200 | €1,700 | +€500 | a lower price, with 8 more nights booked |
| July | €2,400 | €2,990 | +€590 | a higher price and 2 more nights |
| August | €2,200 | €2,970 | +€770 | price alone, on the same 22 nights |
| September | €1,200 | €1,840 | +€640 | the whole month, not just the first half, at a lower price |
| Total | €7,000 | €11,000 | +€4,000 |
The table deserves an honest reading. Almost half the gain comes from the apartment being open for longer: the €1,500 from May and October, plus part of September. An owner can do that alone, with someone reliable on site for keys, cleaning and emergencies. The rest, about €1,860 from June, July and August, comes from pricing: lower in June, where a cheaper rate filled 8 more nights, and higher in July and August, where demand allowed it. That takes daily attention to the calendar and the competition, which is exactly the time the owner did not have.
To check whether a manager’s projection is realistic, compare it with the prices by area in KeyBid Puls for Mamaia.
The net result of the two seasons
| € a year | Season 1 (self-managed) | Season 2 (with a manager) |
|---|---|---|
| Gross takings | 7,000 | 11,000 |
| Airbnb commission incl. VAT (≈18.8%) | −1,313 | −2,063 |
| Management fee (20% of the amount left after the platform commission) | – | −1,787 |
| Cleaning, laundry, consumables | −700 | −1,000 |
| Utilities, internet, building maintenance | −1,800 | −1,800 |
| Building tax, local taxes, insurance, repairs | −600 | −600 |
| Owner’s trips (€75 return) | −450 (6 trips) | −150 (2 trips) |
| Income tax (10%) | −398 | −626 |
| CASS | 0 (below the threshold) | −455 |
| Net result | 1,739 | 2,519 |
| Net yield (on €115,000) | 1.5% | 2.2% |
| Owner’s time | about 130 hours | about 30 hours |
Takings rose by €4,000, but the net result by only €780. The other €3,220 went on costs that grow with takings: €750 more in Airbnb commission, €1,787 in management fees, €300 for cleaning, €228 in income tax and €455 in CASS. The only cost that fell was travel, by €300.
Two tax rules explain part of the gap. First, the manager’s fee does not reduce your tax. For 1–7 rooms, net income is set under a flat-rate system, at 70% of the takings left after the platform commission, and actual costs, management included, are not deducted. Second, CASS works in steps. In the first season, net income was about 21,260 lei, below the 24,300 lei threshold, so no CASS was due. In the second, it was about 33,410 lei, so CASS came to 2,430 lei, or €455. In our model, the step kicks in at around €8,000 in takings a year. The step-by-step calculation is in the tax guide for short-term rentals.
The owner gained €780 and got back about 100 hours, so there was no trade-off between money and time. The reverse calculation matters just as much, however. On the same €7,000 in takings as in the first year, the manager would have left the owner about €900 net instead of €1,739. Under our assumptions, management only pays for itself from about €9,500 in takings, roughly €2,500 above the self-managed season. That is the threshold to compare any manager’s projection against.
How much the fee formula matters
Management fees are usually 15–25% of takings, but the percentage alone is not enough for a comparison. The basis matters too: gross takings, the amount left after the platform commission, or the accommodation price alone, without the cleaning fee. On the same €11,000 in takings, with all other costs unchanged, this is what the owner keeps:
| Fee formula | Fee | Net result | Net yield |
|---|---|---|---|
| 15% of gross takings | €1,650 | €2,656 | 2.3% |
| 20% of the amount left after the platform commission | €1,787 | €2,519 | 2.2% |
| 20% of gross takings | €2,200 | €2,106 | 1.8% |
| 25% of gross takings | €2,750 | €1,556 | 1.4% |
The gap between the first and the last row is €1,100 a year. At 25% of gross takings, the owner would have kept less than in the self-managed season, even though the apartment took €4,000 more. So compare offers on the same takings and ask what the fee includes: guest communication, pricing, cleaning coordination, photography, linen, consumables and minor repairs. A lower fee with many services invoiced separately can end up costing more than a higher one with everything included.
The comparison with a long-term let
In the valuation guide, the same apartment let long term, at €520 a month for 11 months, brings in €4,207 net a year, or 3.7%. Even the season with a manager did not reach that. For short-term renting to come out ahead, the apartment would have needed about €14,400 in takings a year with a manager, against roughly €10,600 without one, before counting the owner’s trips and time. The gap of almost €3,800 between the two thresholds is the cost of management expressed in takings.
For this family, the calculation has a component that does not appear in the table: the week in August. With a long-term let, the apartment is no longer available for the family’s own holiday, and a week’s accommodation on the coast in August would cost the family money. The mixed option is also worth calculating: short-term renting in summer and a lease of a few months in the off-season. Lets of more than 30 days are taxed as ordinary rent, and the contract must allow you to get the apartment back in time for the season.
The contract clauses that mattered
The owner negotiated the contract before the season, not after the first problem. The clauses below are the ones that mattered in practice. They are no substitute for advice from a lawyer or an accountant.
| Clause | What was agreed | Why it matters |
|---|---|---|
| Account and reviews | the listing stays in the owner’s account; the manager is a co-host with full access | Airbnb shows reviews on the listing page and on its owner’s profile, not on the co-host’s profile. Only listings where the host is the listing owner count towards Superhost status. If you part ways with the manager, the history stays with you. |
| Money | the owner sets up the co-host payouts; the manager invoices monthly | only the listing owner can set up co-host payouts, and co-hosts cannot see the owner’s payout method or tax details |
| Local taxes | in writing: who calculates and declares the 1% tax (monthly, by the 10th) and who pays the fixed 500 lei fee (by 1 July) | late payment is penalised at 1% a month, and fines for individuals range from 400 to 900 lei |
| Reporting | a monthly statement for each booking: dates, price, Airbnb commission, cleaning, management fee | you can check every calculation and you have the figures for your tax return |
| Own use | the family week blocked in the calendar from the start | the family’s nights cannot be sold by mistake |
| Unforeseen expenses | repairs above an agreed amount only with the owner’s approval | you do not find out about a large expense only from the statement |
| Ending the arrangement | notice period, handover of codes, keys and inventory, rules for future bookings | a break-up without rules can cost reviews and bookings |
With full access, a co-host can message guests, edit the calendar and prices, manage reservations, including cancellations, and see the earnings dashboard. The listing owner, however, remains responsible for all co-hosts. The classification is in the owner’s name, so check with the town hall who has to file the local tax returns: the contract with the manager only settles who actually does the work. The single tax return (D212) for the rental income also remains the owner’s obligation: for 2026 income, the deadline is 25 May 2027.
What you can take from this case
- Work out the takings at which a manager pays for itself for your apartment, then ask for projections for each month and compare them with that threshold.
- Compare offers on the same takings, with the exact fee formula and the list of included services.
- Keep the listing in your account and add the manager as a co-host.
- Agree in writing who handles the 1% tax, the fixed Mamaia fee and the documents for your tax return.
- Separate the effect of a longer season from the effect of pricing. You can achieve the first on your own, with help on site.
- Judge the result in the context of the market: summer 2026 was weaker on the coast than 2025.
Common mistakes
- Comparing takings only. The extra €4,000 became €780 net after commissions, cleaning, income tax and CASS.
- Accepting a percentage without asking what it is calculated on. On €11,000 in takings, the gap between 20% of the amount left after the platform commission and 20% of gross takings is €413.
- Moving the listing to the manager’s account. Reviews stay with the listing and its owner’s profile. If the listing goes, the history goes with it.
- Leaving the split of local taxes unwritten. The monthly return for the 1% tax and the fixed 500 lei fee have their own deadlines, and late payment costs money.
- Assuming the manager’s fee reduces your tax. Under the flat-rate system, only the platform commission is deducted from takings.
- Forgetting the CASS step. From 24,300 lei of net income a year, you pay 2,430 lei, or €455.
- Judging by a single season. Compare month by month and against the market, not just the annual total.
Frequently asked questions
How much does a short-term rental manager charge in Mamaia?
Typical fees are 15–25%, but the basis matters too: gross takings or the amount left after the platform commission. In our example, on €11,000 in takings, the gap between the cheapest and the most expensive formula in the table is €1,100 a year. Also ask which services are included and what is invoiced separately.
Is the manager’s fee deductible for tax?
No, if you rent out 1–7 rooms as an individual. Net income is set on a flat-rate basis, at 70% of the takings left after the commission withheld by the platform, and actual costs, including management, cleaning and utilities, do not reduce the tax. The full calculation is in the tax guide for short-term rentals.
What happens to the reviews if I leave the manager?
If the listing is in your account, the reviews stay with the listing and on your profile: Airbnb reflects them on the listing owner’s profile, not on the co-host’s. When the arrangement ends, remove the manager from the co-hosts, change the access codes and take over future bookings.
Is a manager worth it for an apartment rented out only in summer?
It depends on how much extra takings the manager can bring in. In our example, management paid for itself only because the season went above about €9,500, roughly €2,500 above the self-managed season. Ask for a projection for each month, check it against prices in the area and work out the threshold for your apartment before you sign.
Sources
- Crosspoint Research (Savills associate) – Romania Short-Term Rental Market 2025
- VDI.ro – Constanța property indices (11 October 2026, in Romanian)
- Euronews Romania – The summer the Romanian coast gave up price rises (25 July 2026, in Romanian)
- Agerpres – Over 200,000 tourists on the coast (8 August 2026, in Romanian)
- SPIT Constanța – Local Council Decision (HCL) No. 462/23.12.2025 setting local taxes in the municipality of Constanța for 2026 (in Romanian)
- SPIT Constanța – Annex 6 to HCL No. 462/2025: other taxes, including the tourism development and promotion tax (PDF, in Romanian)
- Airbnb – Simplifying service fees on Airbnb (7 July 2026, updated 24 August 2026)
- Guesty Help Center – Understanding Airbnb service fees for hosts and guests
- Airbnb Help Center – Value Added Tax (VAT) and how it applies to you
- Airbnb Help Center – What co-hosts can do
- Airbnb Help Center – Ratings and reviews for co-hosts
- Airbnb Help Center – What’s required to be a Superhost
- ANAF – Tax treatment of income from renting 1–7 rooms, 2026 (PDF, in Romanian)
- ANAF (Brașov County Public Finance Administration) – Summary of the main tax changes applicable in 2026 (PDF, in Romanian)
- European Central Bank – Euro foreign exchange reference rates: Romanian leu