Costs incurred by an owner of property to keep the property in good condition (external an internal). Any Landlord will make allowances for the upkeep of a building. Examples are; decorating communal areas in Leasehold properties or common areas in office blocks, cleaning, estate agency fees for re-letting, legal fees for lease agreements, etc., etc. Management Costs are discounted from the Gross Rental, when Lenders are making an Affordability Assessment on what level of loan they want to advance.
