5 Benefits of a Month to Month Lease for Landlords

month to month lease
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Renters who are looking for temporary housing can find the solution in rental properties that can lease on a month to month basis. This can bring a lot of traffic to your property if you decide to take on the challenge of running one of these rentals, but id it worth it?

Leasing month to month has the potential to be risky if not done correctly.

Here are 5 benefits of a month to month lease for landlords.

1. Some Tenants Need a Month to Month Lease

College students are among those who are constantly looking for flexibility in a lease like a month to month rental agreement. If you have a property located in an area that is close to a local university or college, you should see a constant flow of people who are looking for places like yours.

Big cities are another market that works well for month to month rentals. This is because there are many large businesses with workers that travel around frequently and need temporary housing.

2. Pricing Flexibility

As the landlord, you are legally able to change the lease price whenever you want to. Before the price changes for the next month, you will need to alert the current tenant, and they can decide whether to stay or leave for the following month when the price changes.

This allows you to make more money as you need to as the rental market shifts and local prices start to fluctuate.

3. Easy to Evict Problematic Tenants

No one wants to have problematic tenants, especially if they are behind or constantly late on monthly payments.

This type of lease makes it easy to remove these tenants because all you need to do is give a 30-day notice and they will need to vacate the premises due to the terminated lease.

4. More Money in Your Pocket

You have the opportunity to get more money per month because many month to month rental agreements include furniture.

This lease term works well for renters who are looking for short-term leases and won’t be staying in one place for too long.

These renters will appreciate a well-furnished apartment for their time there because it wouldn’t be worth it to haul all their belongings there to move out within a span of a few months.

Providing a furnished month to month rental will allow you to price your property at a higher price point per month and will start to put more money back in your pocket as the landlord.

5. Financial Security

If the current tenant needs to leave immediately and it’s past the 15th of the month they have to leave or past the 1st of the following month, they will be responsible for paying the rent for next month.

This will help take some of that burden off of your shoulders.

Provide a Useful Solution

Running a month to month lease in your area can help those who are looking for a temporary housing solution. If you are a landlord taking on a property that uses a month to month rental agreement, make sure you do more research so you are well prepared for this endeavor.

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Take a look at our blog for more rental and real estate tips.

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