7. Property operating expenses
Property operating expenses can be specified as follows:
2022 | 2021 | |
Property (and related) taxes | 14 | 13 |
Landlord levy | 2 | 2 |
Property management costs | 9 | 9 |
Maintenance costs | 45 | 39 |
Fitting out costs | 6 | 5 |
Letting and marketing fees | 4 | 6 |
Miscellaneous operational costs | 9 | 10 |
Total | 89 | 84 |
Operating expenses, including non-recoverable service charges, amounted to 26.1% of gross rental income in 2022 (2021: 25.4%).
Taxes consist primarily of property taxes. The property management costs, letting and marketing fees are management expenses allocated to the property operating expenses.