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CHOOSING A MONTH TO MONTH LEASE

A month to month lease is a blessing for many renters. However, it is also hard to find. If you are lucky enough to land a month to month lease there are a few things to consider before signing on the dotted line.

Pros to Renting Monthly

The best thing about a month to month lease is that if you do need to move to a safer neighborhood, you can easily do so at the end of the month without worrying about breaking the lease, having to continue to pay for a place you are not living in or worrying about legal issues with your property manager. This is especially good for those that do not have a secure position or are not 100 percent sure where they are going to be in six months time. It is also great for those that are looking for the perfect place to buy and are only renting until the right house comes on the market.

A month to month lease will benefit anyone that is traveling as well. When you are on the road you don't know exactly where you will be, especially if you haven't locked down a job yet. You may find that you want to stay for only the one month or you may find that you meet great people and find a good job that keeps you here for much longer.

Furthermore, if you have just moved to a new city and are unsure of the various suburbs and best places to buy, then renting on a monthly basis allows you to have a place to call your own for the time being while you explore the different areas. You may find that you prefer to live across town and can easily move there at the end of the month when on a month to month lease.

Cons of Monthly Leases

However, keep in mind that when you are renting on a month to month basis, it is a possibility for your landlord to tell you to find a new place to live at the end of the month. He may have relatives coming into town; he may want to do some home renovations; or he may simply not like you. Whatever the case, unless it is written otherwise in the contract, he can ask you to go whenever he wants.

Furthermore, because you are renting on a month to month basis, it is also possible that your landlord can choose to up the rent one month without anything stopping him. In most lease agreements, the rent price is locked in for the duration of the lease. So, if you are paying $400 a month in January, you will also be paying $400 a month in November as well. On a month to month contract, there is no guarantee that this will happen.

Finally, a month to month lease also tends to be a little more expensive than a long term contract. For example, you may find that you are paying $1000 for the month as opposed to only paying $800 per month on a six month lease or $700 per month on a 12 month lease. This is a common practice when renting on a month to month basis and your landlord needs to secure the income somehow.

When choosing a month to month lease, keep these important things in mind. Make sure you are in a good position and that you are willing to relocate if you have to. Furthermore, make sure you are happy to pay a little more for the flexibility that a monthly lease can provide.

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