Is there an advantage to a month-to-month lease?
You found a new job and are relocating to Canton. You need a place to stay. Ultimately, you are looking to land in a home, but in trying to sell your old house; a specific starting date on a new job; and virtually no time to search for a new home, clients may look to opt for a month-to-month house or apartment leasesuntil the perfect house comes up.
A month-to-month lease is ideal for the client who does not want tied to a typical year long contact. In a month-to-month lease, a 30- to 60-day notice is standard when vacating the property. A month-to-month lease allows the client the ability to continue their search for an apartment, loft or house.
Typically, there are no fees involved in breaking a month-to-month lease.
Shirley Pikus, owner of Pikus Real Estate and Property Management, rarely will sign clients to a month-to-month lease. "In some cases, we will rent month to month to clients if we feel there could be a credit or stability issue or we are dealing with a hard to lease unit.
For a property management company, a twelve-month contract is most common. The goal is to keep all units filled and avoid turnover whenever possible.
Some of the disadvantages of a month-to-month lease for the tenant is the freedom of the property management company to raise the rent at the end of any month. Property management companies may charge premium rent because the situation is temporary. The other disadvantage is the landlord can post a 30 day notice of non renewal to the tenant at any time as the owners' situation changes.
To learn more about month-to-month leases and what are the best situation for you and your family, contact Pikus at Pikus Real Estate and Property Management call 330-417-7525.