When we sign a lease, we’re agreeing to stay in that property for a certain amount of time. Many people like the stability of knowing that they have rights to that property for 6 months, a year, or even more. Other people, however, may not want to commit to that much time. This could be due to different reasons. For example, maybe a person needs a temporary place to stay while they look for jobs in other cities, or maybe they just aren’t ready to commit to a long-term lease. For that reason, they may prefer a month-to-month lease agreement. (Related topics: real estate lawyer NYC, housing lawyer in NYC)
The advantage of this is that there are flexible end dates. This means that you can stay at the property for as long as you and the landlord agree, without having to commit to a long-term lease. That being said, there are risks that come with month-to-month leases.
To start, the flexible end dates may also work against you. Each state has different laws for how long a landlord has to tell you in advance that you have to move out. In some states, landlords can tell you just 7 days before they want you to move out. This poses a lot of issues, as 7 days isn’t enough time to pack and find a new place to live. Some people think that just because they have a good relationship with their landlord that this won’t happen. That isn’t always the case, however, as there may be external reasons for them to need the property back.
Additionally, there can be fluctuating rent prices. This means that the price of your rent could increase from one month to the next. This differs from fixed term leases, where you have the same price of rent for the entire lease.
Month-to-month leases aren’t ideal, but sometimes they’re necessary for certain situations. For more information, our New York real estate attorney can better explain the advantages and disadvantages of month-to-month leases. Our New York real estate attorney will also help you decide if a fixed term lease or month-to-month lease is better for you.