Detroit vs Nearby Cities
Detroit has one of the most affordable housing markets in the United States and offers real estate prices substantially lower than most surrounding cities. The median home value often falls below $100,000, and it’s common for buyers to pay less than $100 per square foot. While nearby cities like Tecumseh and Dearborn have median listing prices close to $150,000, the median listing price in Detroit is much closer to $100,000. For homes with a higher value, buyers can go to Rochester Hills. This city offers a median home value of around $300,000, and the city’s median listing price can get close to $350,000 at times.
Detroit Property Managers
When a property owner doesn’t have the time or skill to assume full responsibility for a rental property, they often hire a property manager to act on their behalf. The manager can communicate with tenants and ensure that rent is paid on time, and they often take the time to show potential tenants the property and discuss vacancies as needed.
Detroit Property Management Company Fees
Property managers may charge up to 14 percent of the rent collected from your tenants each month. They often ask for a vacancy fee if some of your units are unoccupied, and you may need to pay extra for basic maintenance and repair expenses. It’s important to specify the exact services included in the management fee.
Michigan Landlord/Tenant Laws
- Every clause in a Michigan rental agreement must abide by the Truth in Renting Act.
- Senior citizens and tenants incapable of living independently are given special rights to terminate their leases early under certain circumstances.
- Security deposits cannot total more than 1.5 times the monthly rental rate.