Newton vs Nearby Cities
Newton commands some of the highest real estate prices on the Massachusetts Atlantic coastline. The city’s median home value is over $950,000, and the median listing price is often well over $1 million. Compare that to nearby Boston, which has a median home value around $550,000 and a median listing price over $700,000. In Quincy and Framingham, the median listing prices are much closer to $500,000. If you look for homes further inland, you can find median listing prices under $300,000. Renters can expect to pay a median rent price of around $3,000 per month in the Newton area.
Newton Property Managers
Real estate investors are often more comfortable purchasing rental properties than managing them. They hire property managers to interact with tenants, keep all rental units full and oversee property maintenance. Some homeowners may also hire property managers when they want to rent out their home rather than selling.
Newton Property Management Fees
Property managers often collect rent from tenants and then take around 10 percent of the rent as their management fee. This fee can go as low as six percent or as high as 14 percent, depending on the demands of the property. There are additional fees that property owners may have to pay.
Massachusetts Landlord/Tenant Laws
- When asking for a security deposit, Massachusetts landlords are limited to the equivalent of one month’s rent.
- Once a tenant moves out of a rental unit and returns the keys, the landlord may take up to one month to return the tenant’s security deposit.
- Landlords are required to give new tenants a detailed receipt for their security deposit.