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I get nervous around lease renewal time every year but atleast this year I take comfort in the fact that my apt building won't be sold
The best thing about when I signed my original three year lease was I didn't have to worry at all about the unknown. Now though, the unknown is knocking on my door. It would be so much easier if I was looking to move into an apartment, however, apartment living is NOT for our family unfortunately.
You know, it all depends on the LL plans to either raise the rent or not. Read the laws. We are given 90 days (or more) notice with three options... month to month / six month / year lease. Monies vary, of course, depending on duration of lease chosen.
Koale
I wish my landlord or property manager would do ninety days notice. This way, there is more than enough time to plan.
No one knows until they do notify you, if they even do. However, if they do increase the rent they will have to give you a minimum of 30 day's notice to do so with a MTM. But also note that with a MTM they can also raise it now any months that they want to with just a 30 day notice.
Yup. That's why I've never done a month-to-month lease. To much uncertainty and unknown in the mix. I much prefer long term leases.
I know you've said you've been renting your whole life, but for us, being on a MTM worked out so that when did buy, we didn't have to worry about a time frame on the lease ending. At our last place, the only time we formally renewed the lease was when my ex moved out (removed him from lease) and when my new husband moved in (added him and his dog to lease). That was over a 5 year + period. All of my rent situations were 5+ years, and only in an apartment did the formal lease renewal with increased rent come up. For the single family homes, they all reverted to MTM and the rent never increased (until we moved out, then I saw the advertisement for the increase rent price). It did worry me at times not having a long term locked in lease, especially on the last house, that the owner may try and sell, but she never did.
I know you've said you've been renting your whole life, but for us, being on a MTM worked out so that when did buy, we didn't have to worry about a time frame on the lease ending. At our last place, the only time we formally renewed the lease was when my ex moved out (removed him from lease) and when my new husband moved in (added him and his dog to lease). That was over a 5 year + period. All of my rent situations were 5+ years, and only in an apartment did the formal lease renewal with increased rent come up. For the single family homes, they all reverted to MTM and the rent never increased (until we moved out, then I saw the advertisement for the increase rent price). It did worry me at times not having a long term locked in lease, especially on the last house, that the owner may try and sell, but she never did.
It's the stability issue that keeps me from ever wanting to go MTM. We do plan on purchasing our own home, but maybe next year or the year after. Living MTM would make my anxiety climb due to never knowing if next month will be the month we have to move.
That's kinda the conclusion I was drawing too. It's a shame but a lease means stability for me and my family.
Oh, I agree with you. I guess it depends on a person's situation. There are definitely some that don't want to make a year commitment such as those buying a home, possible job transfer, looking for work elsewhere, etc.
Oh, I agree with you. I guess it depends on a person's situation. There are definitely some that don't want to make a year commitment such as those buying a home, possible job transfer, looking for work elsewhere, etc.
Absolutely. Back in my single days, MTM made sense.
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