Month-to-month apartment leasing gives you the maximum amount of flexibility when leasing, but it is not the right selection for everyone. It frequently comes with higher bills and may even end up damaging your credit score. Opting for a month-to-month rental does protect you, however, if you might need to move with short notice.
The Basics
Unlike traditional six-, nine- or 12-month apartment rentals, month-to-month leases technically expire every 30 days. Meaning that if a better apartment or out-of-town project comes up, you can easily relocate without fretting about the costs and charge hassles of breaking up a longer-term lease. Obviously, that flexibility functions both ways. Having a month-to-month rental your landlord may ask you to move out with minimal notice, for any reason he enjoys. Having a longer-term rental your landlord would have to legally evict you if he wanted you to leave before the lease expired.
Flexibility
Being able to move with little notice could be attractive for a couple of different factors. If you suspect that an abysmal job supply is in the works or that a vacancy on your dream rental house will open up three months down the road, a month-to-month leasing gives you a place to put your head whether the wheels turn. If you’re new to a place and don’t have a sense of where you would like to live, a month-to-month rental lets you get the lay of the property without making a long-term devotion to one part of town.
Credit Concerns
One disadvantage to your month-to-month apartment rental is that the effect it could have on your credit score. A brand new landlord will almost certainly pull your own credit history. Too many credit inquiries may tank your credit score, thus leaping from one month-to-month rental to another many times could end up giving you a couple credit dings. Likewise, changing addresses regularly could give creditors and future landlords the belief that you have an unstable way of life, which might make you appear to be a risky charge investment.
Greater Rent
According to the site Apartment Ratings, month-to-month leases often end up costing landlords more than leases. Whenever a tenant moves out the landlord must spruce the place up for another tenant. Further, when a tenant moves out, there is no guarantee that a new tenant is right around the corner, so the property could sit vacant for long periods. To compensate for the greater cost and risk, landlords frequently charge higher rent for a monthly rental than for a longer rental. Sometimes the difference is relatively small and sometimes it is significant. The landlord has the discretion to place the lease as she sees fit.
Finding Month-to-Month Rentals
Many apartment complexes offer month-to-month rentals as a substitute to tenants–at a greater rent. With private possessions you’ll need to negotiate the lease with the landlord, who will decide if he wants to offer a month-to-month alternative.