Memphis vs Nearby Cities
If you’re looking for affordable real estate prices in southern Tennessee, you may find yourself right at home in Memphis. The median home value in this city tends to stay below $100,000, and it’s common to find the median listing price around $80,000. If you venture just 30 miles in any direction, you’ll find much higher real estate prices. For instance, the median listing price in Collierville is often above $400,000. You can find a comfortable middle ground in Arlington, which features a median listing price around $250,000 much of the time. Median home values are significantly higher in both of these cities.
Memphis Property Managers
If you live too far away to manage your rental property efficiently or your to-do list is becoming overwhelming, an experienced property manager can ease your stress. They will handle all communications with tenants while protecting your investment in every possible way. This often includes finding suitable tenants and enforcing all property rules.
Memphis Property Management Company Fees
Most property managers charge a management fee based on the amount of rent collected each month. Owners may also need to cover everyday maintenance and renovation fees, and there are often additional charges for services not included in the management fee. Owners should receive a list of all services included in the standard fee.
Tennessee Landlord/Tenant Laws
- When a landlord fails to return a tenant’s security deposit or unfairly deducts from the deposit, the tenant may file a lawsuit for up to $25,000 in damages.
- Landlords must give tenants a five-day grace period for rental payments. After five days, the landlord may charge a late fee that equals up to 10 percent of the amount overdue.