Property Manager Lease Renewal Fees
Wondering what the going rate is for Property Management (PM) lease renewal fees (same tenant, just renewing lease for another 12 months)
I’m in Philadelphia and have seen anywhere from $0 renewal fee to a flat $200 per renewal to the entire first month’s rent again!
I expected to pay the first month rent to get a new tenant but when it’s just admin work of sending the existing tenant basically the same lease and getting them to sign it, I can’t justify anything more than a nominal amount, especially when I’m paying them 8-10% each month to manage the property.