Olympia vs Nearby Cities
Olympia is located about 30 miles southwest of Tacoma, but the real estate markets in these two cities are similar. Both cities have a median home value around $250,000 most of the time, but the median listing prices are often higher in Olympia. Buyers will often see a median listing price under $250,000 in Tacoma, but that price goes up to around $300,000 in Olympia. This makes Olympia more comparable to Lakewood, which is a city that offers a median rental price of around $1,500 per month. Residents may find more affordable prices in Tumwater, which tends to keep the median listing price close to $200,000.
Olympia Property Managers
Property owners hire managers for their real estate expertise, managerial skills and ability to oversee all aspects of a rental property. The manager reports to the property owner at routine intervals and ensures that the property abides by all laws. The manager may also handle uncomfortable situations like disputes and evictions.
Olympia Property Management Company Fees
Property managers usually base their management fee on the amount of rent collected from a property. This rate is often no higher than 10 percent but can go up if the property owner requests services not typically included in the fee. Owners typically pay a leasing fee to cover the time and expense of marketing to find suitable tenants.
Washington Landlord/Tenant Laws
- Washington landlords are required to give new tenants educational materials to teach the hazards of mold.
- Landlords may charge as much as they want for the security deposit.
- Leasing agreements must specify the name of the bank that will hold the tenant’s security deposit.