Finding an apartment can be a time-consuming and sometimes frustrating experience, especially when it comes to the lease terms. Different rentals and apartments have different stipulations in the lease, and the lease may be a yearly lease, or it can be a month to month.
We have the pros and cons of a month to month lease for you to consider as you continue your search for the perfect apartment.
When you sign a month to month lease, you often find that you have a very flexible end date. There is no fixed end date. This kind of flexibility is great for tenants who may be in transition. For example, they are waiting to hear about a job in another city. With a month to month lease, they won't be stuck in a long lease that is going to cost a lot of money to break.
There are also no penalties for breaking the lease. With month to month leases, it is expected that either the landlord or the current tenants are going to end the lease at some point.
While the flexible end date is a definite advantage, it could also double as a downside as well. Having this open end date is beneficial for a variety of different situations; however, it also comes with its fair amount of uncertainty. The landlord wants the tenants to remain for as long as possible but sometimes things come up, and they have to move. In the same respect, the landlord could decide one day that they want to sell the property which will also effectively end the lease.
With that being said, this type of lease can also be considered somewhat unstable. The landlord may be able to acquire good tenants, but they only stay temporarily. As a tenant, you may decide later on that you would rather have the option of a longer-term lease renewal to gain some of that stability back.
Lease Renewal Versus Month to Month
With a traditional lease renewal option, a new lease date is agreed upon between the tenants and the landlord. Having this offers both parties more in the way of stability, and the lease extension could be longersometimes even up to two years.
With a month to month, you have flexibility but also a ton of uncertainty. Also, in both situations, the rent can be raised. You need to take a look at your current situation to determine which option would be best for your lifestyle.
Need help finding a new apartment and discussing lease terms? Call us at Lockwood Family Living today to help find your new home.