Madison vs Nearby Cities
While the cost of living in Madison is above the national average, the city still offers one of the more affordable real estate markets in southern Wisconsin. The median listing price can get close to $300,000 at times, and those prices are about equal to those seen in some nearby small towns. For instance, the Town of Mazomanie offers a median listing price around $300,000. When you look at slightly larger cities like Fitchburg and Waunakee, Madison starts to look like a bargain. You can expect to see median listing prices much closer to $400,000 in both of these nearby cities.
Madison Property Managers
A property manager will do more for your rental units than collect rent and oversee property repairs. They can also help you pinpoint the most competitive price for each of your rental units, and they will ensure that your business abides by all federal, state and local laws.
Madison Property Management Company Fees
You can expect an experienced property manager to charge around 10 percent of the rent collected from your rental property. This fee covers basic managerial services, and you will likely have to provide funds for routine bills, property maintenance, advertising and other projects. Make sure to ask about additional fees, including sign-on, vacancy and screening fees.
Wisconsin Landlord/Tenant Laws
- Wisconsin laws provide no restrictions for landlords charging late fees as long as the fee is noted in the lease agreement.
- Landlords can legally increase the rental rate on a month-to-month lease at any time.
- If a landlord wishes to raise the rent for a tenant with an active lease that covers more than one month, they must wait until the lease expires.