New Bedford, MA · Member since 2015 · 361 posts · 114 votes
My tenants are on a month to month "at-will" agreement, and have been for a year. I like month to month as it leaves flexibility for both parties. I have now been reading a lot on here and everyone is under the some consensus that Spring/Summer is the best time for renting out your apartment.
My question: Should I continue to let them stay on a month to month lease and hope they don't end up leaving on an off month eventually (Jan/Feb/etc.)
OR
Do I have them sign a year lease now and continue renewing in yearly increments in order to maintain the correct cycle of tenants moving out/in during the spring/summer months?
My concern is how the tenants will take this. Good thing? Bad thing? I just don't know!! They tell me they want to stay for a minimum of another couple years, but that could change in a heartbeat. I take it with a grain of salt. A year lease is something in writing. Thoughts?
Investor · Bothell, WA · Member since 2017 · 26 posts · 8 votes
9y
I have every single one of my tenants under a month to month rental agreement. The lease protects the tenants, not the owners. I have no problem renting my units out within a week of a tenant moving out so I don't see the stability problem other people might deal with in a lower demand market.
Salt Lake City, UT · Member since 2016 · 199 posts · 190 votes
9y
I like the idea of a year lease. So I would propose that you have them sign a year lease. If they are hesitant you can explain to them that it protects them from rate increases mid-lease.
Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
9y
In 19yrs, I've N E V E R use a full years lease. My lease is 3months to ensure some stability, but give me (and the tenant) the right to Non-Renewal. Now I prefer families with children and the school year begins in Sept, so I am sensitive to getting all units rented before then. (btw: several have stayed multiple years and one even 8yrs).
A full years lease gives more power to the tenant and protects me from nothing!
Investor · Bothell, WA · Member since 2017 · 26 posts · 8 votes
9y
I have every single one of my tenants under a month to month rental agreement. The lease protects the tenants, not the owners. I have no problem renting my units out within a week of a tenant moving out so I don't see the stability problem other people might deal with in a lower demand market.