Updated about 3 years ago on . Most recent reply
Managing month to month leases
Hello all, I need some advice. My first rental is a 3 bedroom STR renting out to travel nurses. How do you handle month to month leases? Do you keep your listing active? And when a prospective tenant applies, do you notify the current tenant and ask if they would sign a new lease to secure the spot? And I assume you can't make the space available within 30 days due to regs. Would appreciate any advice from LLs with similar arrangements.
Most Popular Reply
Most of our tenants are MTM which is the custom around here and as a LL it is my preference. The lease has no bearing on how long people stay, some of my MTM tenants have been there for over a decade. No new lease needed the existing one is fine. Tenant gives us 30 days notice when they want to leave. We do a pre inspection to estimate the work needed to ready for new tenant and do a final inspection with the tenant to determine any damages. Most of the time turnover is scary fast and other times we may need to work on the property a little longer. In those cases the applicant wont see the unit till work is completed. Everybody wants to see the units but we only show to qualified prospects.