Signing a lease on an apartment or a house is a big commitment: It means you’re legally committed to paying a set amount of rent for a specified amount of time. If you don’t cough up that regular cash, there will likely be some sort of penalty to pay. While the terms vary according to landlord and state, a one-year lease is the most common.
But here's the thing: A year can be a long time. If you have trouble thinking about where you might be next week, let alone 12 entire months from now, the idea of a month-to-month lease may seem way more appealing. But are month-to-month leases really as ideal as they sound? Here’s what you need to know before you sign on the line that is dotted.
Benefits Of A Month-To-Month Lease For Tenants: All you nomads, mind-changers, fly-by-the-seat-of-your-pants types, this may be the way to go for you, as month-to-month leases provide the ultimate in flexibility. You don’t have to put down roots, and you can decide on a monthly basis if a place is right for you.
Benefits For Landlords: For landlords, month-to-month leases aren’t as ideal, since they aren't guaranteed a whole year's worth of rent. However, they can be helpful if they’re tight on cash and having difficulty finding a long-term tenant. In most situations, it is always better to have an occupant than a vacancy, in order to keep the cash flow going with Naija Houses.
The Risks Of A Month-To-Month Lease: The downside to all that flexibility for renters, however, is that your landlord has that same flexibility. So even if you’re digging your new digs, he or she can tell you your time is up any given month, leaving you in a position where you have to act fast to find a new place to hang your hat. It also means your rent amount is only locked in for a month, so your landlord can increase it at any time, for any reason.
How To Find A Month-To-Month Lease: So how do you go about finding a month-to-month lease, given that they’re not typically advertised? Shwetz says your best bet is with apartments, as most single-family homeowners are not willing to rent month to month.