Cleveland vs Nearby Cities
With a median listing price that tends to stay around $100,000, Cleveland is home to one of the cheapest real estate markets in Ohio. It’s common for buyers to pay less than $50 per square foot in this city, and the median listing price can drop to $50,000 or less at times. This is similar to the real estate prices seen in some nearby cities, including Parma and Euclid.
Buyers interested in property with greater value can look in surrounding cities like Lakewood and Shaker Heights. The median home value in Lakewood tends to stay closer to $150,000, and the median value is often well above $200,000 in Shaker Heights. Buyers can expect to pay around $100 per square foot if not more in these cities.
Cleveland Property Managers
Property managers use their real estate expertise and managerial skills to ensure that rental properties are profitable and in line with all state and local landlord-tenant laws. Some may work as partners with property owners, but most assume full responsibility for managing tenants, property maintenance, repairs and accounting.
Cleveland Property Management Company Fees
The average price for full-time property management is around 10 percent of the rent collected from the property each month. Many management companies will modify their rates to accommodate the specific needs of each client. It’s important to understand what services are included in the contract because additional services often come with added expense.
Ohio Landlord/Tenant Laws
- The State of Ohio places no limitations on the amount that landlords may charge tenants for a security deposit.
- Once a tenant moves out of a property, the landlord can take up to 30 days to return their security deposit.
- Tenants have the right to sue landlords for the recovery of their security deposit, but they’re limited to $3,000 in damages.