Pros and Cons of Month-to-Month Leases
Everyone can find pros and cons of month-to-month leases. However, finding a landlord who would allow you to live on a month to month basis in apartment is somewhat difficult nowadays. Many landlords prefer at least a minimum of 6 month lease. Nevertheless, month to month lease has several nice benefits, but it also has some downside to it – it’s way more expensive. Pro: You can move out anytime It’s always great to know that you’re NOT stuck into any legally binding contract and you never have to worry about breaking your lease. You are pretty much free to move out at any time. Although, even on a month to month basis, your landlord may just require that you give a 30 days notice. Such freedom to move out at any time is always great for young professionals who have to travel for work and their assignments may change from one town to the next. It’s also great for contractors who come into the country on a short term basis. Pro: Convert to a year-long lease, if you want It’s hard to believe that any landlord will ever say no to someone who wants to sign a long-term lease, such as a year-long lease. The good benefit of initially being in a month to month lease is because when you are ready for a long term lease, all you have to do is approach your landlord about it. My advice is to always attempt to negotiate on a rental price, so that your rental price is not subject to market rates during this term. Con: Amount of Rent Not Guaranteed If you’re currently paying on a month to month basis, it means that there’s no guarantee that your landlord may not raise your rent. Since this is a month to month rental, your landlord can state that your rental is being raised due to the market rates. Landlord will attempt to explain to you that the only way to secure the monthly rental is to sign a 12 month lease. Con: Lack of Security When you don’t sign a 12 month lease with your landlord, there’s not guarantee that your landlord will want to continue renewing with you on a monthly basis. You can leave anytime or within 30 days and it’s not going to be beneficial to any landlord. Whereas, your landlord can find someone who’d sign a 12 month lease which will guarantee more security on the rental.