Philadelphia vs Nearby Cities
Philadelphia is one of the more affordable cities in southeastern Pennsylvania. The city’s median listing price can get close to $200,000 at times, but it’s still common for buyers to pay around $100 or less per square foot. The median property value is typically below $150,000, which is much lower than the values seen in most surrounding cities. For instance, the median home value is well over $300,000 in West Chester and Doylestown Township. The median listing price tends to stay below $500,000 in West Chester, but prices can spike above that figure in Doylestown. The median price per square foot is around $200 in both of these nearby cities.
Philadelphia Property Managers
Property managers are in control of managing rental units from routine and emergency maintenance to efficient accounting. They are often in charge of screening new tenants and assigning them to vacant units, and they may need to evict tenants on occasion. They may also prepare leases and respond to tenant requests for property repairs, so they are experts when it comes to state and local landlord-tenant laws.
Philadelphia Property Management Company Fees
A property manager may charge up to 12 percent of the rent collected from tenants each month, but the rate can go as low as four percent in some cases. The difference is often in the quality of services delivered. Most managers will charge additional fees for services not included in the contract.
Pennsylvania Landlord/Tenant Laws
- If a landlord doesn’t return a tenant’s security deposit within 30 days, the tenant has the right to file a lawsuit worth up to $12,000 in damages.
- A Pennsylvania landlord must give a tenant 10 days to pay overdue rent before they can file for eviction.