Which Lease is Right for You? The Pros and Cons of Month-to-Month Rental Agreements

Which Lease is Right for You? The Pros and Cons of Month-to-Month Rental Agreements

 

There are a lot of choices to be made when choosing a Dallas apartment. Which neighborhood should you select? What amenities do you consider must-haves? And – one of the most important ones – what kind of lease should you sign?

While many landlords and property managers require a lease of at least one year, there are some who are ok with month-to-month arrangements. If this is an option for you, but you’re not sure whether it’s worth pursuing, here are a few pros and cons to consider that could make your decision a little easier.

 

Pros

 

Flexibility – Signing a month-to-month rental agreement can offer a greater degree of flexibility, because you’re not locking yourself into a long-term lease. This is an ideal option for someone who is unfamiliar with the area, such as a person who is relocating from another city or state. A monthly tenancy allows you to test the waters and see if the location is really a good fit for your needs.

You also don’t have to worry about the hefty fees and penalties that come with breaking a lease. When you’re ready to move, all you need to do is provide the agreed upon amount of notice (typically 30 to 60 days) and you’re free to go.

 

Ability to Convert – Once you’re settled in, should you determine you’re happy with the area and the amenities of your current apartment, most landlords are happy to extend the option of signing a new, longer-term lease agreement. And since you’re already an established renter, you may even be able to negotiate a better rate because they already know your history. This isn’t always an option for someone who is brand new signing onto a one or two-year lease, as both parties are unfamiliar with one another.

 

Cons

 

More Expensive – The goal of landlords and property managers is to keep as many units occupied as possible. Shorter-term rental arrangements are much riskier in this respect, and therefore often come at higher cost. Additionally, month-to-month leases can be modified with just a 30-day notice. So, your rent could technically be increased at any time. Locking into a long-term lease prevents this.

 

Riskier – Let’s be honest. Moving sucks. Month-to-month arrangements do not protect you against having to find a new place at any point in the not-so-distant future. Again, all the landlord is required to do is provide appropriate notice. What happens if you fall in love with your apartment and its location, but six months down the road, your landlord sends you a notice that you have 30 days to vacate? This is a risk you take when you choose monthly tenancy.

 

As you can see, month-to-month leases have benefits as well as downsides. It’s important that you understand and carefully consider these things when deciding which path to take. If you’ve still got questions or could use a little guidance, just give us a call at (214) 999-1161 or shoot us an email to info@dallasapartmentlocators.co. Our apartment experts would be more than happy to help!

September 28, 2020 / by / in ,

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