Milwaukee, WI · Member since 2017 · 2 posts · 0 votes
Hello,
We live in the city of Milwaukee, WI. We are transitioning a tenant from a 1 year lease to a month to month lease. We are not increasing the rent at this time. My husband thinks we do not need to have them sign a formal month to month lease, but I prefer to have all steps documented. Do I need to have the tenant sign a month to month lease?
Flipper/Rehabber · Racine, WI · Member since 2016 · 41 posts · 26 votes
9y
If you used a standard lease form, then the conversion to MTM is already covered there. In any case, just read the lease that you did use to see what it says about what happens at the end of the 1 year term.
Flipper/Rehabber · Racine, WI · Member since 2016 · 41 posts · 26 votes
9y
If you used a standard lease form, then the conversion to MTM is already covered there. In any case, just read the lease that you did use to see what it says about what happens at the end of the 1 year term.
Minneapolis, MN · Member since 2013 · 2k+ posts · 1k+ votes
9y
I would do a new lease, and write in month to month. with 30 day notice, listing the same amount of security deposit as before.
I only do month to month leases and only notation I add, is for new tenants that rent rate of $$$ will remain the same for the next 12 months until date of XXXX if I'm sure I don't need to change rent for that period of time.
Oklahoma City, OK · Member since 2016 · 91 posts · 78 votes
9y
My contract reads month to month after the one year obligation is met. You can look at it on my website see if it helps. millionairemaintenanceman.com under forms. Good luck
If this tenant has been there for a year it is a serious mistake on your part to not give a market rent increase. In the future when you fall far behind market you risk losing them as a tenant when you attempt to bring up the rent. Smart landlords give rent increases ever year to keep their properties at market and tenants expect rent increases every year.
You are also devaluing your property by not having rent at market in the event you wish to sell.
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y
@Valerie Zimmerman Since the terms are changing "technically" then I'd write a new lease agreement specifying MTM or Month to Month. Best of luck to you!