Pittsburgh vs Nearby Cities
Pittsburgh has an active real estate market but still offers some of the more reasonable housing prices in western Pennsylvania. The median home value is often below $150,00, but the median listing price can get close to $200,000 at times. It’s common for buyers to pay around $100 per square foot, which is comparable to the prices seen in nearby cities like Monroeville. There are also some nearby cities that command much higher prices. For instance, the median listing price in Mount Lebanon is often around $300,000, and the median listing price can rise to $400,000 in Wexford.
Pittsburgh Property Managers
Property managers maintain efficient financial oversight of a rental business while coordinating contractors, communicating with tenants and ensuring that all rules are followed. These tasks are important if the property is to remain profitable while meeting all legal obligations. A great manager with real estate experience can protect a property owner from legal and financial liabilities.
Pittsburgh Property Management Company Fees
A residential property manager may charge up to 12 percent of the gross rent collected each month. This rate reflects the quality that the company delivers as well as the exact services included in the contract. Vacancy, setup and leasing fees are sometimes charged as add-ons, so it’s important to understand what is included in your contract.
Pennsylvania Landlord/Tenant Laws
- Landlords are limited to twice the monthly rental rate when charging a security deposit for a one-year lease. Landlords can charge up to one month’s rent for the security deposit when renewing the lease each year after the first.
- Once a tenant vacates a rental unit, the landlord has 30 days to return the security deposit.