Are You Considering A Month to Month Lease?

If you’re looking for a more flexible option in renting, you might consider month to month leasing.

This option in rental agreements tends to offer a greater freedom when it comes to being able to move without penalty. A month to month lease is having a lease that you renew every 30 days. With a typical lease agreement, you are locked in to a 12-18 month rental agreement. These leases will also have information on what happens if you break the lease. Most longer term leases penalize with early termination fees because when you sign a longer term lease, the expectation is that you’ll be paying for that full term.

A month to month lease is different in that it’s usually close to being at-will. This means that you can give notice to move out and go. The standard is 30 days notice, but you can see how if you need to leave earlier, the penalty would be much less. Sometimes, those providing month to month lease agreements may also convert into a more standard lease.

Bear in mind, though, that most landlords would prefer longer term, stable residents. This means that short term leases may have higher rents. There’s actually reason for this: it costs both time and money to clean, stage, and advertise rental units when someone moves out. It’s a little more work to offer month to month leasing, which means, yes, you will pay for that flexibility. Month to month lease agreements can also change faster than a typical rental agreement. You can give 30 days notice to move, they can also give 30 days notice to terminate the lease or raise the rent.

That isn’t to say that month to month leases aren’t beneficial. For people who aren’t yet invested in a community, or perhaps anticipate a month: month to month leasing is the option of choice.

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Kurt Kroeck

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By Kurt Kroeck

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