Happy New Year everyone. It’s finally time to post the vacation rental report for Calypso Memories for December 2023. This is the final report of the year. I am so thankful that 2023 is over. I had a substantial loss on this unit and even on my second beachfront condo. In looking ahead, I expect the next 3 months to operate at a loss and hopeful things will start picking up in April. In fact, I already have one booking for May, which is just $400 shy of paying the mortgage for that month. So, there are reasons to be hopeful. That being said the key question for 2024 will be whether the Airbnb Bust continues for my market. Also, the goal is to keep my expenses as low as possible. But those are for future updates. Let’s get this report over with and let’s see how Calypso Memories ended the month and the year.
Vacation Rental Profit/Loss
Let’s see whether I made a profit or incurred a loss in December 2023 at Calypso Memories.
A. Vacation Rental Income
During the month of December, I earned $0.00 in income broken down as follows:
You read that right. For the month of December, I earned zero, nada, zilch for December. It’s the reason why we rent to snowbirds during this off-season. Getting a little bit of income, even if it not enough to cover the mortgage, is better than zero – arguably speaking. This of course assumes you have good snowbird guests.
Thankfully, I was able to rent to snowbirds for January and February. I typically don’t rent to snowbirds in March. So, I expect some income in January and February. Just as importantly, the income received from the snowbirds is enough to cover the mortgage payment, at least.
But, ending the year with zero income is almost a suitable end to how dismal the year has been. I’m glad it’s over.
B. Vacation Rental Expenses
During the month of December, I incurred $2891 in expenses broken down as follows:
Of course, the mortgage still has to get paid whether I make any money on the condo or not. Thankfully, my expenses were the second lowest all year. It still hurt but it could have been worse.
C. Profit/Loss Statement
Based on the fact that my expenses exceeded my income, my loss for December was $2891.
As shown below, my year-to-date loss has increased to a WHOPPING $16,589. I don’t have a crystal ball, but I anticipate that 2024 will be better. It just has to be!
With such an loss for the year, it shouldn’t be a surprise that I am struggling to make ends meet. As shown, the condo did not paid for itself last year, which means that I had to dip into my own personal funds to keep the condo afloat. I’m hoping things will be different in 2024.
Annual Income/Expenses
2022 was my first year when my condo went live on the market, so let’s see how December 2023 at Calypso Memories stacks up against December 2022.
A. Annual Income
Let’s see how the annual income at Calypso Memories look from December 2022 to December 2023.
Here is the raw data:
As you can see, I earned less income in 2023 than I did in 2022. This is just one example of the fact that my bookings have been down in 2023. I am hoping this year will be different, but we will see.
B. Annual Expenses
Let’s see how the annual expenses at Calypso Memories look from 2022 to 2023.
Here is the raw data:
As you can see, I incurred 29.47% MORE expenses in 20223 than I did in 2022. I’ll take it.
I do anticipate that my expenses will be elevated over the next 5 months. I’m trying to pay back an HVAC system that I bought and the payment I am making is $650 per month. But otherwise, I expect my expenses to remain somewhat consistent.
Final Thoughts
Unfortunately, money is a bit tight right now. I have to make capital contributions to my Calypso Memories account just to pay the bills. The problem is that with no job, I am scraping every bit of cash I have to do so. But there is good news.
I will start generating some income, which is a fixed amount for rent for the snowbirds, during January and February. I am hoping to make more than the snowbird rate in March and then hopefully by April, I will get more bookings. The goal is to have the condo start paying for itself by May.
In any case, I am glad the year is over and I am excited for the New Year.
What did you think of this post?
Let me know your thoughts by commenting below.