If you own rental property in Washington or elsewhere in the United States you may have been tempted to offer your tenants a month-to-month lease in the past.
Although month-to-month leases are common the reality is that they rarely (if ever) work out the way the owner thought they would especially for these reasons:
Reason #1 – Month to Month Leases Are Costlier Than Annual Leases
Yes, month-to-month leases may offer you the ability to charge more rent on a monthly basis for your rental property but the reality is that if your tenant decides to move onto another property next month you may go 30, 60 or 90 days without a new tenant.
Reason #2 – Not the Best Neighbors
Yes, it’s true that month-to-month leases are temporary and that also means with these types of leases most often will bring with them temporary neighbors who are in transition and only plan on living in the rental for 60-90 days or less until they move onto a long-term rental property.
With transitory neighbors, this also means that you may be renting to someone who doesn’t show the same level of care for your rental property that someone who is renting from you long term would show it.
Reason #3 – Lack of Upkeep
Last of all, but most important, another reason to not offer short-term leases is that fact that you may end up renting to a tenant or tenants who are not the best at upkeep or fulfilling their responsibilities to clean and responsibly maintain your property.
Once these tenants move out you may find significant damage or repairs that are needed and this could make it difficult for you to rent your property to another tenant.
Get Property Management Here
For professional property management contact us today by calling (425) 256-2122 or click here to connect with us online.