Pros & Cons of Month-to-Month Leasing
One decision you have to make when looking for an apartment is the lease length. There are different lease lengths available such as six months, a year, or even month-to-month leasing. If you're not ready to commit to a long-term lease, choosing a month-to-month lease may be the right option for you. This is because of a month-to-month lease's flexibility but, like everything else, it does come with some drawbacks. In this blog post, we’ll take a look at the pros and cons of month-to-month leasing.
The biggest advantage of month-to-month leasing is its flexibility. You have the freedom to move out whenever you want without the worry of breaking a lease. This is ideal for those who are not sure how long they want to stay in a particular area or if their employment or financial situation is uncertain.
- Shorter Notice Periods
With a month-to-month lease, if you want to move out, you generally only have to provide a notice period of 30-60 days. This short notice period can be ideal if you need flexibility in your living situation.
- No Long-Term Commitment
Month-to-month leasing gives you the freedom to try out living in a particular area without entering into a long-term commitment.
- Higher Rent
Landlords often charge higher rent for the flexibility of month-to-month leasing. This is because having a tenant who moves out frequently is a risk to the landlord, so they will often increase the rent to offset that risk.
- Lack of Stability
With month-to-month leasing, there is always the possibility of being asked to leave the property, which can lead to instability. If you have children or dependents, this instability may not be ideal.
- Short-Term Lease Extensions
With month-to-month leasing, you will never be guaranteed a long-term lease extension from your landlord. This can make it difficult to plan for the future if you don't have a stable place to live.
In summary, month-to-month leasing is ideal for those who need flexibility in their living situation and aren't ready to commit to a long-term lease. However, it is not without its drawbacks. The higher rent, lack of stability, and short-term lease extensions are all factors that need to be considered when deciding if month-to-month leasing is right for you. If you're looking for apartments in Ft Myers, FL, contact Millennium Apartments today to schedule a personal tour and find out more about our lease options. We’re here to help you make the right decision for your lifestyle and needs.