Month to Month Lease?
Hi. I’m a new landlord letting an apartment out in our building for the first time. I have tenants that I am comfortable with, they have passed their background/credit checks, and are willing to take a month to month lease. What is the process to offer them month to month tenancy? Is there no lease…
Hi. I’m a new landlord letting an apartment out in our building for the first time. I have tenants that I am comfortable with, they have passed their background/credit checks, and are willing to take a month to month lease. What is the process to offer them month to month tenancy? Is there no lease at all? Should I just take their first month’s rent and security and hand them the keys?
my 1 year lease is up and the landlord wants to extend my lease to a month to month, he also wants me to sign a w-9. Should I be concerned? I’m not too bright when it comes to leases and tax forms…LOL
I would have to agree with Rick. I once was a firm believer of 1 year lease terms but in reality lease terms lock in the landlord not the tenant.
There is no upside to a month to month lease?
What if your new tenants turn out to be big trouble and stop paying rent. Perhaps they have personal & emotional problems too making your life difficult and you have 8 months to go on the lease?! When tenants become big trouble I want them out ASAP.
I agree with 1:54– there is no upside (and lots of downside) for you to let someone rent month-to-month. Why would you? Have a one-year lease term.
I had my tenants sign a one year lease, and when that was over we just went month to month. I believe (and I know you folks will correct me if I am wrong), at that point the terms of the original lease (i.e. don’t run a business, no additional appliances) gets extended on a month to month basis. So far, so good.
Thanks for your helpful comments. Of course I’m on crack. Why else would I ask for help from the Brownstoner forums?
I would ordinarily agree with 1:15’s point about not needing a lawyer for a simple lease, but not in this case. No offense intended here, but OP’s intial question indicates that he/she probably needs more guidance than available in the stationary store (i.e. “Is there no lease at all?” is a huge red flag.)
Don’t go month to month….if you have a one-year or two year or 6 month or whatever length of time lease, you know when it is over so that if you are not happy you can have them leave or if they are not happy you will know when you will need to re-rent it. Also at end of lease term you can raise the rent (or not, if you wish, but still have the option) and it will not be some arbitrary time taking tenants by surprise.
I don’t see any upside at all for a landlord in having a month to month tenant rather than a fixed-time lease.
I agree with above poster…but you don’t need a lawyer. Go to stationary store and get a standard lease and edit where needs be.