Why it’s best to choose a month to month apartment rental?

Why it’s best to choose a month to month apartment rental?

Renting has its pros and cons, just as ownership. There are studies that have calculated the financial implications of renting and owning a property. It has been found that owning a property doesn’t have any financial advantage, contrary to popular perception, as compared to renting if you consider the expenses, investments and returns over a period of up to thirty years.

It is only after a while subsequent to repaying your mortgage completely and when the property has undergone some substantial appreciation would you be able to see some rewards of your investment. Considering a span of ten to twenty years, you spend much more to own a property than on rent.

Renting cannot be standardized either. You can rent an apartment on a month to month lease, you may have yearly lease agreements or you can opt for longer lease agreements. Although yearly agreements are more common, there are landlords and property management companies that allow eighteen months and longer terms for rent.

Each of these terms has its own merits and demerits. For a few specific reasons, choosing a month to month apartment rental is better than long term leases.

  • The most noteworthy benefit or advantage is that you can simply move out whenever you want without any liability or financial obligation. Your month to month agreement would get renewed automatically should you want to stay in which case you don’t issue any notice. If you wish to move out at the end of the month, then you can just notify your landlord or property manager and move out. The month’s rent is anyway paid in advance in most cases. With long term leases you cannot just move out in such a short time. You would need to furnish a notice of at least two to three months, depending on the clause in the agreement. You may have to pay the rent for two or three months when you could have moved out. If property owners choose to enforce the yearly lease agreement legally then you would be obligated to pay the full year’s rent regardless of how long you are staying.
  • The other benefit of month to month apartment rental is the opportunity for you to assess the property, to see how things work out for you and only if everything is sorted, you can think of converting the monthly lease to a long term lease. It is not a given that you would like a rental apartment. A long term lease will take away your liberty of moving out if you don’t like the place or if you change jobs and have to commute an additional ten miles every day.
KDHDigitalWhy it’s best to choose a month to month apartment rental?