Durham vs Nearby Cities
Durham offers some of the more affordable real estate prices in north-central North Carolina. The city’s median home value is around $200,000, and the median listing price tends to stay below $300,000. This is slightly less expensive than the prices seen in nearby cities like Raleigh, but there are some neighboring cities with far more aggressive prices. For instance, the median listing price often gets close to $500,000 in Chapel Hill and close to $400,000 in Wake Forest. While buyers tend to pay around $100 per square foot in Durham, the median price per square foot is often around $150 in Chapel Hill and Wake Forest.
Durham Property Managers
You can trust your property manager to handle all duties associated with the management of your rental property, or you can assign specific tasks that you want them to take over. When fully managing the property, many managers will provide routine inspection reports that may include photos of the property.
Durham Property Management Company Fees
In addition to paying up to 12 percent of the monthly rent collected from your tenants, a property manager may ask for a leasing fee when they find tenants for unoccupied units. They may also charge additional fees for setting up and terminating rental agreements, and some will add a fee for the inclusion of photos and videos in the inspection reports.
North Carolina Landlord/Tenant Laws
- For month-to-month rental contracts, North Carolina landlords are permitted to charge up to 1.5 times the monthly rental rate for the security deposit.
- Landlords may increase the security deposit to double the monthly rental rate if the contract is for at least two months.