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Old 05-26-2009, 08:46 AM
 
58 posts, read 190,322 times
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Default Month-to-Month vs Leases (moved from NYC forum)

What are the advantages and disadvantages of renting out to tenants on a month-to-month basis vs having a lease agreement in place with the tenant?

Thanks
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Old 05-26-2009, 02:05 PM
 
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I only know that in Fl if you rent for less than 7 months there is a different tax thing...I'm not sure how it works but it could be that you have to charge tourist tax, etc...
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Old 05-26-2009, 02:52 PM
 
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MTM they can leave at any time, which could be a pain in the butt for you. But, for that convenience, you can charge more.
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Old 05-26-2009, 04:20 PM
 
Location: Maryland
1,668 posts, read 5,299,834 times
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Without a lease they are renting "at will", meaning they can leave anytime they want with appropriate notice, and you can evict for no reason with notice. Most leases I've read wouldn't hold up in court as they are unresearched, unethical, and illegal. Either way, you do need a rental agreement stating terms of the occupancy, emergency info, and legal rights. And, you'll want to get credit check info from them. Any tenant who refuses to give you SSN is refused. Good tenants know this is necessary information.
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