Richmond vs Nearby Cities
Richmond boasts one of the most active real estate markets in eastern Virginia. The median home value for the city tends to stay around $200,000, and the median listing price is often around $250,000. This is slightly higher than prices seen about 60 miles away on the coast. For instance, the median home value in Newport News is also around $200,000, but the median listing price in this city is often less than $200,000. There are some cities that offer higher real estate prices in this area. With a median listing price known to approach $400,000 at times, Ashland is a good example.
Richmond Property Managers
An experienced property manager can help set competitive rental rates while keeping all units occupied, well-maintained and profitable. They are often responsible for maintenance of community grounds and will typically handle all communications with tenants. Some property managers are also experts when it comes to marketing and accounting.
Richmond Property Management Company Fees
Most property owners can expect to pay a manager about 10 percent of the rent collected from residents. Some managers will also require a vacancy fee, and they may add charges for marketing and tenant screening. Owners are typically responsible for all operational and repair costs in addition to the management fee.
Virginia Landlord/Tenant Laws
- Landlords can charge security deposits in Virginia, but they cannot ask for more than twice the monthly rental rate.
- Once a tenant moves out of a rental unit, the landlord has 45 days to return the tenant’s security deposit.
- If a landlord refuses to return a tenant’s security deposit within 45 days, the tenant can file a lawsuit worth up to $5,000.