Minneapolis vs Nearby Cities
Minneapolis and Saint Paul are known as the Twin Cities of eastern Minnesota, and the real estate markets in these cities took a turn toward bullish in 2016. With a limited supply of available homes and a strong demand from young buyers and new residents, prices skyrocketed and are expected to stay strong for years to come. Minneapolis offers a median listing price well over $250,000, and the median listing price is Saint Paul is often around $220,000.
These prices are comparable to many surrounding cities like Bloomington and Mankato, but higher prices are seen in nearby Minnetonka. The median listing price is often around $400,000 in this city. Renters can expect to pay a median of $1,500 per month in this area of the state.
Minneapolis Property Managers
Property managers are hired for their real estate expertise as well as their ability to efficiently oversee rent collections, property maintenance, renovation projects, marketing, tenant screening and many other essential tasks. They can help a property owner determine the best rental price while ensuring that each unit is occupied and well cared for over time.
Minneapolis Property Management Company Fees
Most property managers in Minneapolis base their fee on the amount of rent collected from tenants each month. This fee can go up to 14 percent on average, but most property owners are charged closer to 10 percent if not even less. This is the basic management fee, and other fees typically apply.
Minnesota Landlord/Tenant Laws
- Tenants have the right to inspect a rental unit before paying any money toward the rental agreement. This includes the heating and air conditioning, plumbing, electrical system and other property elements.
- Minnesota landlords are required to complete background checks on all prospective property managers before they are hired and given access to rental units.