Month to month or 1 year.

[farmgirl_48732]

What is the name of your state (only U.S. law)? Michigan question. What are the differences in a one year term or a month to month? If three individuals are going to live together, boyfriend, girlfriend and a 21 year old son of the woman's, should I have all of them sign the lease? A roomate lease? Please adivse any pros and cons. Thank you in advance.

 

[Gail in Georgia]

Many landlords are now turning to month to month leases. It makes it easier for them to get rid of problem tenants.

EVERY adult signs the lease. This includes the 21 year old son.

Gail

 

[johnd]

1) 11 months.
2) Of course. Why not (unless you like inviting trouble).

Roomate Lease???

Just have them all sign a good lease, whether it be for one year or mtm. Have all the same provisions incorporated in either. Then the only reason you would go mtm is that you aren't certain you want these tenants for that long of a period.

 

[Andy0192]

The only reason you would WANT to go month to month is if you had other plans for the property & did not want the tenants there longer.

The rational of "it's easier to get rid of a month-to-month" tenant simply means you didn't do a good job checking out the prospective tenant before hand. I'd rather spend a little $$ up front than lose a month or two of rental income and/or go through the hassle of an eviction.

If you have a quality tenant, why wouldn't you want to go with a 1 year lease? Keeps things stable for both sides, and you have a near guarantee of 12 months of rental income, instead of a one month guarantee.

Boyfriend, girlfriend + adult son = trouble in my book. What does their credit & background report say?

 

[Alaska landlord]

Good reason you may want to go with a M2M is that you don't have to give a reason in many states to terminate the agreement. If you run across a PITA tenant that does nothing to warrant a legal eviction but you are tired of, then just terminate the agreement. Not so with a lease.