Month to month rental agreement facts

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Which is better, a month to month rental agreement or a year-long lease agreement?

 

There are several things to consider when signing a rental agreement; one of the most important is the length of the agreement. Do you wish to stay for an entire year, or is this a temporary arrangement until you can either a) finish up some business and move somewhere else, or b) save up enough money to move to a nicer neighborhood.

Some people are in a transitional phase of their lives these days and need the flexibility of a month to month lease agreement so they can easily move quickly when an opportunity comes up for them. This is a good thing for you, but what about your landlord? He may not agree with this being such a good idea. Here are some reasons…

What are the pluses and negatives of a month to month agreement? If you really are sure you are moving again soon, you should know that many times landlords will charge you a little bit more for a month to month rental contract. Why? Since it’s apparent that you plan on moving out before a year’s time, they charge more to recoup the loss of having an empty apartment or house until they can find another person to rent it out.

 

Another thing to consider is the condition of the apartment or home; it may be a little more “run down” than one that is rented out all the time. Make sure you do a thorough inspection, as you may get stuck with charges against your deposit for things that you didn’t cause. Landlords know that if you are renting month to month, you will be in a hurry to move when you finally find another place and give them notice. Sticking you with an extra $100-200 of so-called damages is an easy way for some unscrupulous landlords to pad their pockets.

The worst thing about renting on a month to month basis is that your landlord can very easily kick you out of the place with almost no notice in most states. Say he has found someone that is willing to sign a year-long lease and informs you of this fact; what are your options then? Very few, as you don’t have much of a legal leg to stand on without a lease agreement.

 

If you do find out that the opportunity you were waiting on that would require you to move doesn’t come along, in many cases you can ask the landlord if you can sign a year lease at this point in time. Doing so will probably lower your monthly payments, give you a more secure time period to live there, and also look better on your record if you want to move to another apartment later on. You may even wish to have the landlord sign a letter of recommendation for you down the road, which could help you move to your next apartment with less hassle and maybe even less of a security deposit. References are always good to have in any case.

 

What is the difference between a lease and a month to month agreement?

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3 Responses to “Month to month rental agreement facts”

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