Irvine vs Nearby Cities
Irvine is located in one of the more expensive regions of coastal California, so it’s not surprising when the median home price spikes to around $900,000 with the median rental price often soaring to $3,000 per month or higher. While this is more expensive than most surrounding cities, there are some exceptions. For instance, the median home price in Newport Beach is often over $2 million. The median rent price in this coastal town is typically around $5,000 per month. Residents looking for more affordable housing prices can look in nearby Santa Ana, which features a median home price around $500,000 and a median rent price closer to $2,000 per month.
Irvine Property Managers
Property managers are given the authority to act on behalf of property owners and real estate investors. The manager often handles all direct communications with tenants in addition to maintenance, repairs and renovations needed to keep the property up to code, attractive to renters and competitive within the local real estate market.
Irvine Property Management Company Fees
Property managers often charge a percentage of the rent collected from tenants. A vacancy fee may also apply, and most managers charge leasing fees to cover their efforts when finding new tenants. Most management fees fall below 10 percent of the gross rent collected.
- If a rental property contains toxic mold, the landlord is required to disclose this information in the leasing agreement.
- When determining the amount of a security deposit, California landlords are limited to twice the monthly rental rate for an unfurnished unit.
- For a furnished rental unit, the landlord may charge up to triple the monthly rental rate for the security deposit.