Month to Month Renter's Agreement
When searching for an apartment, it is a good idea to consider all of the rental options available to you. If you are a college student, or if you plan on changing residences within the year, a month-to-month renter's agreement may hold more appeal for you then a traditional fixed-term lease agreement. Taking the time to learn more about what a month to month renter's agreement is and how it differs from a fixed-term lease agreement will help you to ensure that you make a more fully informed decision about which type of rental agreement to sign.
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What Is the Agreement?
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A month-to-month renter's agreement is a lease agreement that is renewed or canceled each month, as opposed to a fixed-lease agreement, which typically renews after one year but can also have a longer or shorter lease.
Advantages
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The distinct advantage for the tenant is that it gives them the ability to move whenever he wants, provided that he gives the landlord a 30-day notice instead of being legally bound to pay rent for a set number of months.
For landlords, a month-to-month renter's agreement allows them to get rid of problem tenants by giving them a 30-day notice to vacate, usually without having to give a reason.
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Disadvantages
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Landlords can raise the rent at any time with a month-to month lease agreement and can also change the terms of the lease, which can include deciding to allow or not allow pets.
One disadvantage of this type of agreement for a landlord is that if the tenant decides to move, the landlord may lose the income from the month-to-month agreement before he has time to find another tenant.
Knowing Rights
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Landlords and tenants are entitled to certain rights under the law. For example, a landlord cannot enter the rental property without first giving written notice to the tenant, regardless of the length of the lease term. A tenant is also required to pay all of the rent that is due once she moves out, whether at the end of the month before rent is due for the next month or during the middle of the month. Property owners and renters should take the time to learn more about their rights and responsibilities.
Considerations
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Month-to-month rental agreements are sometimes available to tenants whose long-term lease has expired, giving them the opportunity to decide whether they want to commit to a new lease term. Ask your landlord or property manager for more information.
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References
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