Cleveland vs Nearby Cities
Cleveland is a small town located approximately 30 miles northeast of Chattanooga in the southeastern corner of Tennessee. While the median listing price of homes in Chattanooga is often around $220,000, the median listing price in Cleveland tends to stay much closer to $200,000. The median home value for both cities is around $150,000, but buyers can expect to see listing prices a bit higher in the larger city.
When compared to smaller surrounding towns, Cleveland is the more expensive option. For instance, the median listing price in Athens is often below $150,000 or about $90 per square foot. In Dayton, the median listing price is often somewhere between $150,000 and $175,000.
Cleveland Property Managers
Many people want to invest in rental property, but they don’t necessarily have the time and skill to manage the property. This is when they partner with a property management company. At least one manager is assigned to watch over the property to ensure that tenants pay rent on time and treat the property with respect.
Cleveland Property Management Fees
The average property management fee is around 10 percent of all rent collected from the property. Most managers will charge an added fee if they’re responsible for marketing and enlisting qualified tenants to fill empty units. Owners also cover all operational expenses and the cost of repairs, maintenance and upgrades.
Tennessee Landlord/Tenant Laws
- There are no Tennessee laws limiting what landlords may charge for a security deposit.
- Landlords may take no more than 30 days to return a tenant’s security deposit once they move out of the property and return the keys.