Lexington vs Nearby Cities
Lexington is located in north-central Kentucky and features a median home value over $150,000 most of the time. The city’s median home price tends to stay around $250,000, but the median sales price often falls closer to $200,000. With a median rental price around $1,200 per month, this city is slightly more expensive than many nearby towns. For instance, the median home price is around $150,000 in Frankfort and Louisville. The median home price in Elizabethtown is closer to $200,000, so there are some nearby cities with comparable prices. It’s common for renters to pay a median price of $1,000 per month in in most surrounding cities.
Lexington Property Managers
Property managers in Lexington are available to answer questions from tenants and oversee maintenance tasks when property owners are unavailable. The manager is often responsible for finding new tenants when a unit becomes vacant, including maintenance to prepare the unit for the new tenant. Managers must also oversee landscaping and renovations.
Lexington Property Management Company Fees
Property owners in Lexington can expect to pay a professional manager around eight percent of the rent collected from all units included in the management contract. This fee can go higher than 10 percent in some instances, and most management companies will negotiate to meet each client’s needs.
Kentucky Landlord/Tenant Laws
- Landlords in Kentucky can take up to 30 days to return a previous tenant’s security deposit. This time is sometimes extended to 60 days if the tenant questions deductions taken out of the deposit.
- There is no limit to what a landlord can charge a tenant for the security deposit on a furnished or unfurnished unit.