When it comes to renting a new apartment, many people opt for year-long leases simply because it is the norm. However, month-to-month leases are becoming more and more popular. With a month-to-month lease, you only need to commit to living in the apartment for one month at a time, and you can end the lease at any point with just a 30-day notice. But, there are many things you likely don’t know about these types of leases. In this article, we’ll delve into things you didn’t know about month-to-month leases.
One of the most significant benefits of month-to-month leases is flexibility. You can easily switch to a new apartment, a new city, or a new lifestyle without worrying about breaking a lease. This is perfect for people with ever-changing lifestyles, whether it's a job that requires you to move from one city to another, or for college students who need to change roommates or housing frequently.
Month-to-month leases are ideal for people who only need an apartment for a few months. Perhaps you are relocating and need a place to stay for a few months before you find a permanent home. Maybe you are planning to move in with a partner in a few months, but need a place to stay in the interim. A month-to-month lease gives you the option of living in a fully furnished apartment without worrying about committing to a long lease.
Another thing to consider about month-to-month leases is that landlords can increase the rental rate on a monthly basis. If you are considering signing a month-to-month lease, make sure to ask the landlord whether or not they'll be raising the rates consistently, or if there will be any guidelines or limits to rate increases. Keep in mind, though, that landlords must give you at least a 30-day notice before increasing the rent.
Landlords often request security deposits to protect themselves in case the tenant damages the property while they're living there. With a month-to-month lease, the landlord can increase the security deposit on a monthly basis, just like they can with the rental rate. So, if you plan on signing a month-to-month lease, make sure you fully understand the details of the security deposit process.
One of the best things about a month-to-month lease is that you can keep renewing the lease every month, for as long as you want. You don't need to worry about committing to a contract that will bind you for a year or more. Instead, you can stay in the apartment as long as you need, and can give the landlord a notice when it’s time to leave. This gives you more freedom and control over how long you stay in the apartment you've chosen.
Month-to-month leases come with their own set of rules and guidelines. Therefore, before signing one, make sure to consult the landlord and get a full understanding of the terms. With a month-to-month lease, you get the flexibility to switch apartments, a fully furnished apartment, short-term lease, and complete control over how long you stay in the apartment. If you are looking for apartments for rent in Wilmington, NC, contact Oasis at Riverlights to schedule a personal tour today.