Cambridge vs Nearby Cities
Cambridge boasts some of the highest real estate prices on the eastern shoreline of Massachusetts. The city’s median home price tends to stay around $800,000, and the median home value is close to $750,000. Residents can expect to pay a median of $3,000 per month for rental properties, and the median price per square foot is often around $700. These prices are substantially higher than those seen in many nearby cities, including Boston, Waltham and Somerville. Median home values in all three of these cities often settle around $550,000, and median listing prices tend to stay well below $750,000. Higher prices are common in Newton, which boasts a median home price over $1 million.
Cambridge Property Managers
Property managers are usually real estate professionals capable of handling a variety of managerial tasks, ranging from determining rental rates to hiring contractors for renovation projects. They may handle accounting and ensure that bills are paid on time while keeping landscaping, swimming pools, community centers and other facilities in excellent condition.
Cambridge Property Management Company Fees
Most property managers charge around 10 percent of all rent collected from the property. This rate can vary, going as high as 14 percent or as low as six percent in many areas of Massachusetts. Property owners can also expect to pay leasing fees, vacancy fees and standard operational costs.
Massachusetts Landlord/Tenant Laws
- If a Massachusetts landlord collects a security deposit, they are legally required to provide the tenant with a move-in checklist.
- Landlords cannot charge more than the monthly rental rate when collecting a security deposit.
- Tenants may file a lawsuit worth up to $7,000 in damages if a landlord fails to return a security deposit within 30 days.