Melbourne vs Nearby Cities
Melbourne is one of the more affordable cities on Florida’s Atlantic coastline. The median listing price is often below $200,000, which is comparable to some nearby cities like Cocoa and Palm Bay. Other surrounding cities demand much higher real estate prices. Orlando is about 70 miles inland and boasts a median listing price much closer to $300,000. In Rockledge, the median listing price is around $250,000. Renters can expect to pay a median of $1,200 per month in this region, with prices going higher than $1,500 per month in some cities.
Melbourne Property Managers
Property owners and real estate investors hire property managers when they don’t have the time, skill or desire to oversee residential rental units. The property manager has the right to make official decisions on behalf of the owner, and that may include initiating evictions as needed.
Melbourne Property Management Fees
Most property management fees are based on a percentage of the rent collected from the property rather than a flat fee. The management fee can go up to 12 percent on average, but some managers may charge as little as eight percent. The owner pays operational expenses on top of the management fee.
- Florida landlords may only enter a rented premise if they give the tenant notice and show up at a reasonable hour of the day. The landlord must have a legal reason for entering the property.
- Landlords cannot legally rent an apartment, condominium or trailer that isn’t fit for human occupation. The unit must have heat, hot water, functional plumbing and a sound structure.