How to rent an apartment on a month by month basis.
Renting an apartment on a month by month basis can be done in certain situations and is ideal for those who may only need an apartment for a short period of time or need to remain in their current apartment for a few extra months.
A common reason for needing to rent an apartment on a month by month basis is that the tenants have signed a new lease at another apartment but the move in date is a month or few after their current lease expires.
However month by month lease agreements can be difficult to come by and various factors affect the ability to get a month by month lease.
These factors include the current market demand for new apartments in the area of the apartment, the time already spent living in the apartment, and whether or not previous payments were made on time every month.
Typically an apartment complex will require a contract to be signed for a lease that lasts a minimum of 3-6 months. Many apartment complexes require a full 1 year lease to be signed for the first year.
After this initial leasing period draws to a close, good leasing managers will send out notifications to residents informing them when their lease will expire and what options are available to the residents.
Some residents may be offered the option to renew on a month by month basis after the initial leasing contract term is nearing an end after ‘proving’ themselves as a responsible tenant who followed the terms of the lease and made on time and in full monthly payments.
Some apartment complexes that offer the option to ‘renew’ an apartment lease on a month by month basis may charge a slightly higher monthly rate on month by month lease agreements. This is done because a tenant who signs a 6 month or 1 year lease is basically guaranteed money while a month by month tenant could be here today and gone tomorrow.
It is also important to read the terms of a month by month lease agreement carefully. The agreement may require the tenant to pay higher rent or be held liable for additional monthly rent payments if the apartment can not be filled soon after the tenant leaves.
Most apartment complexes begin offering lease agreements to new tenants on apartments that are still occupied a few months before the current lease on that apartment is due to expire.
Those interested in renting an apartment on a month by month basis should ask about this arrangement before signing any rental or lease agreement. They should also keep in mind that if they are first time renters at the complex, they may have to sign an agreement that guarantees the apartment complex at least a few months rent.