Monthly Leases: The Pros and Cons

There are many benefits to renting a home today. You may be just starting out on your own, looking forward to a new sense of independence—but are not ready to be tied into paying a mortgage each month. Or perhaps you are a veteran of owning real estate and got burned out, and scared away, after the housing market took a dive around 2008. No matter the case, renting can be a good idea if you aren’t sure you want to settle down in one place, don’t have the funds for a down payment, taxes, or HOA fees, or the big one—you can’t handle or do not want to deal with all the maintenance that goes into owning a home.

Be Prepared to Move Out Quickly

When you begin searching for the perfect rental, consider the timeframe you really want. If you travel for your job and have the feeling you may be relocating soon, or are thinking about moving across the country to be closer to (or in some cases, much further away from!) family, you may want to look for or request a month-to-month or much shorter-term lease on a home or apartment. Most traditional rental situations dictate a one-year lease with penalties if you move out earlier, and keep in mind that some landlords may not have a very pleasant attitude if you do. In eschewing the long-term lease, with a month-to-month agreement, you must be prepared to move out quickly if that is suddenly what the landlord wants. This could mean walking on eggshells too, as they could come after you very quickly if you do anything they consider to be in violation of the month-to-month agreement.

Greater Flexibility May Come at a Price

The flexibility can be very enticing in a month-to month lease, but make sure you can indeed move out on the fly, as your landlord could also make increases to the rent, change the rules about pets (making your life very complicated all the sudden), and more. The flip side is that you may find something you like better and want to move out quickly too. If you are concerned about the month-to-month lease you may be about to sign, consult with an experienced real-estate attorney first.

Contact Us for Help

Call Shane Coons now at 949-333-0900 or email us at Shane.Coons@seclawoffices.com if you need more information regarding your rights as a tenant. We can review your case, answer your questions, and help you decide how to move forward. We are here to help!

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Monthly Leases: The Pros and Cons

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