Offering rental units with month-to-month leases

| May 28, 2021 | residential leasing | 0 comments

Property owners and tenants seeking greater flexibility may wish to consider a month-to-month lease. As described on The Florida Legislature website, the Sunshine State’s laws allow either party to terminate a monthly agreement by giving each other notice at least 15 days before the current month ends.

Bankrate.com notes some benefits of a monthly agreement. Both parties gain flexibility. Tenants are free of lengthy commitments, and landlords may raise the rent or remove a troublesome tenant without the need for the eviction process.

Flexibility may provide more options

Typical residential lease agreements last between six months and two years with a requirement for parties to renew them before their expiration. At the end of the initial term, landlords may extend the rental relationship with a flexible month-to-month lease. A tenant may also begin an initial term on a monthly basis.

A month-to-month agreement may make it easier for a property owner to find a new tenant if a current renter’s financial circumstances grow uncertain. A Florida landlord may provide only a three-day notice to vacate when a tenant fails to pay rent.

Monthly agreements may assist property sales

As described on the Millionacres website, buyers may appreciate monthly rental agreements when considering a property purchase. Because of the ease by which they can adjust the monthly rent to reflect current market trends, the return on investment may appear more attractive.

Property owners considering a refurbishment of their rental units may find it easier to do so with month-to-month agreements. As soon as a tenant vacates, owners may proceed with renovations that could increase the property value or sale price.

Florida provides landlords and tenants with options to arrange month-to-month lease agreements. Tenants may leave sooner, and it may also open up opportunities for property owners to change their business plans.