Based off the pricing information we collected in our review of the best residential property management companies in Miami FL, we found that:
- 8.7% is the average starting monthly management fee in Miami for owners with one single-family home, with ranges spanning between 7-12% of the monthly rent depending on the tier of service and number of units.
- Most Miami property managers provide volume discounts for owners with multiple units (i.e. 8% instead of 10% or $120 instead of $150 for 8+ units).
- 1 month’s rent is the most typical leasing fee for tenant placement services in Miami. However, some charge less (i.e. 50-75%) to owners that also pay for full-service management.
Read further to learn more about how property management companies price their core services, which Miami property managers charge what and which other types of fees you might come across in a property management contract.
Management Fee
The most common way full-service property management is priced is through a monthly fee. This is usually calculated as a percentage of rent, but occasionally as a flat fee per unit. This fee typically covers things like rent collection, tenant communication and financial reporting, but the full list of services varies by provider.
Through pricing information from 9 of Miami’s top rated property managers, we found that 8.7% was the average starting monthly management fee. Here’s what each of those 9 companies charge:
- Miami Property Management LLC – $89.95/unit for 1-3 units, $85/unit for 4+ units
- Pristine Property Management – 10% of rent per month (8% for 8+ units)
- Novel Management – 9% of monthly rent (less for 20+ units)
- JMK Miami Property Management – 5-12% of monthly rent for residential management, $40 per unit for HOA management, and custom quotes for commercial properties
- Tacolcy Property Management – 7-9% of monthly rent
- Properties Miami – Approximately 10% of the monthly rent per unit, with fees varying based on the units managed and specific services provided.
- HomeRiver Group Miami – 8% of monthly rent per month
- Property Management Inc (PMI) Miami – 8-10% of monthly rent, depending on the package
- Nanny Property Management – 8% of monthly rent for full-service management (max. $200/month/unit) or $90/property for a la carte management
The national average monthly property management fee is 10%.
Tenant Placement (Leasing) Fee
Most property management companies charge an additional fee for placing a new tenant in a vacant property. This process includes placing rental ads, screening applicants, processing the lease and preparing the property for move-in. Some property managers offer this as a stand-alone service, while others only offer it to clients that pay for on-going management.
Through pricing information from 6 of Miami’s top rated property managers, we found that 1 month’s rent was the typical tenant placement fee. Here’s what each of those 6 companies charge:
- Miami Property Management LLC – 1 month’s rent (2 months’ rent for a 2 year lease)
- Pristine Property Management – 1 month’s rent
- Novel Management – 1 month’s rent
- HomeRiver Group Miami – 50% of one month’s rent
- Property Management Inc (PMI) Miami – 50-75% of 1 month’s rent for management packages, 100% of 1 month’s rent for placement-only
- Nanny Property Management – 1 month’s rent
Nationally, the typical tenant placement fee is between 75% and 1 month’s rent.
Lease Renewal Fee
While under contract for managing a property, some companies charge the owner a fee when a tenant renews their lease. This fee, which is usually much smaller than a new tenant placement fee, acts as a reward to the property manager for keeping tenants longer and having less turnover.
Through pricing information from 4 of Miami’s top rated property managers, it was difficult to deduce an average/typical fee. Here’s what each of those 4 companies charge:
- Pristine Property Management – $195/lease
- Novel Management – $100
- HomeRiver Group Miami – 25% of one month’s rent
- Nanny Property Management – 1 month’s rent
Nationally, the typical lease renewal fee is about $200.
Additional Fees
Beyond the above three types of fees, property management firms may charge for additional services that aren’t covered within their standard management fee. These include but are not limited to:
- Account Setup Fee: a one time charge for onboarding a new owner.
- Inspection Fee: to check if the tenant is causing damage to the property and/or see if there are issues with the property that require fixing, some companies cover a regular inspection in their management fee (i.e. one per year), while others charge an additional fee and conduct them at the request of the owner.
- Eviction Assistance Fee: a charge for overseeing and completing the eviction process, which is usually not covered under a standard monthly management fee.
- Repairs: if an issue with the property requires a repair, it’s usually not the property manager’s responsibility to cover and is typically passed on to the owner.
- Early Termination Fee: an owner is typically charged an additional fee if they terminate their property management contract prematurely.
To learn more about the various types of property management fees and how much they typically are, click here.