Boston vs Nearby Cities
Real estate prices in the Boston area are typically well above the national average. It’s common for buyers to pay more than $600 per square foot for homes in Boston, Cambridge and many other surrounding cities. Boston’s median home value is known to soar beyond $500,000 with a median listing price approaching $700,000 much of the time. Compare that to a median home value of more than $700,000 in Cambridge with listing prices approaching $800,000. Slightly lower prices are featured in Quincy and Waltham, but buyers can still pay more than $300 per square foot in these cities.
Boston Property Managers
A property manager can take over most, if not all, of the processes that keep your rental properties profitable. You can count on your manager to communicate with tenants in a professional manner while overseeing repairs, resident turnover and the enforcement of rules. This is essential if you can’t maintain a routine presence at the property.
Boston Property Management Company Fees
Most property managers will charge less than 15 percent of the rent collected from your tenants each month. You may have additional expenses if you want your manager to handle tasks that aren’t typically included in the basic management fee. For instance, marketing is often an additional charge.
Massachusetts Landlord/Tenant Laws
- Landlords are legally required to give tenants a move-in checklist if they collect a security deposit.
- Once a tenant vacates the rental property, the landlord has 30 days to return the security deposit. Tenants may file a civil lawsuit for up to $7,000 if the landlord refuses to refund the deposit.