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While we prefer signing Lease agreements with our tenants (and strongly encourage you to use our signature Residential Lease form), some landlords prefer or have reason to use a month-to-month rental agreement in lieu of a lease. This is certainly a good alternative if you desire it. While a Lease and month-to-month rental agreement are similar, there is one major difference. That is, a rental agreement of this kind is structured as a general agreement of terms of renting a unit/home on an ongoing basis rather than a fixed term. There are no subletting and/or assignment clauses in a month-to-month rental agreement either. However, most provisions and conditions relating to the landlord/tenant relationship usually defined in a Lease are also found in a month-to-month rental agreement.
Our month-to-month rental agreement contains proper notice conditions and terms. It’s especially useful for short term rentals, maximum landlord flexibility, and an attractive selling feature of your tenancy. Downsides include no commitment of fixed term (which makes income less stable) and potentially more tenant turnover and the expenses related in more frequently finding new tenants. Bottom line is that no matter how you rent to tenants, you MUST have it in writing for your own protection. If a fixed term lease is not your thing, definitely use a general Rental Terms Agreement.
Why Do I Need This Form?
- If you don’t have a Lease, you MUST have a good rental terms agreement in place with your tenant
- Acts as a Lease in all the major ways except of course there’s no fixed tenancy term
- Landlord’s increased flexibility can help end a vacancy quicker without compromising on tenancy conditions