Miami vs Nearby Cities
The real estate prices in Miami are significantly lower than those seen in nearby Miami Beach. The median listing price along the beachfront can get close to $550,000 at times, but the median listing price tends to stay below $500,000 in Miami. Home values for property in Miami Beach are also significantly higher than values in Miami.
When compared to many cities located further inland, Miami becomes the more expensive city. Hialeah is about 10 miles to the north and features a median listing price that tends to stay below $300,000. Less than 20 miles to the south, the city of Kendall boasts a median listing price under $450,000 most of the time.
Miami Property Managers
A property manager can lighten the load when you’re overwhelmed by your rental properties. They can communicate with existing tenants while helping you bring in new tenants. They should know your property well enough to enforce the rules, answer questions and oversee repairs and renovations. This frees you to spend more time elsewhere.
Miami Property Management Company Fees
You may pay your property manager up to 12 percent of the rent collected from your tenants each month. In some cases, a flat fee is charged instead of a percentage. You can expect to pay a vacancy fee in addition to this rate, or you may withhold that fee to encourage your manager to fill units faster.
- If a Florida landlord intends to deduct expenses from a tenant’s security deposit, they must give the tenant advance notice.
- While landlords may deduct cleaning expenses from a tenant’s security deposit, they cannot deduct expenses for wear and tear expected to occur with time.