Month-to-Month vs Fix-Term Lease

As a landlord, you have to decide whether to rent your property for a fixed term ("Estate for Years") or on a month-to-month basis ("Periodic Tenancy"). Knowing the advantages and disadvantages of each will help you make the right decision before you sign anything with your tenant. At My Property Man, our rental property management services are designed to guide landlords through these decisions with confidence.

Month-to-Month Lease

Pros:

A month-to-month tenancy is established when neither party gives notice to vacate at the end of the lease term. This creates an automatic implied agreement between the tenant and the landlord without requiring new paperwork.

Cons:

On a month-to-month tenancy, both the tenant and the landlord must provide each other with a 30-day notice to vacate. This creates ongoing uncertainty for both sides. As a landlord, you might find yourself in a difficult position trying to fill your vacancy if the tenant decides to move out during a slow season (such as the holidays or during unexpected events like Covid-19).

Fixed-Term Lease

Pros:

A fixed-term lease agreement protects both the landlord and the tenant by providing clear guardrails. Terms are expressed, not implied, making it possible to outline specific conditions in the lease.

A fixed-term lease doesn’t have to be in 12-month increments. Landlords can decide on the lease end date to ensure it falls at a favorable time.

Tip: Summer and early fall see the highest demand for rental properties in NYC.

Cons:

A tenant can legally move out at the end of their lease without giving notice to the landlord. If you fail to communicate lease end or renewal options, you may be surprised to discover your tenant has already moved out when you were expecting a rent check.

Tip: My Property Man sends a lease renewal form to all tenants 90 days before the end of their lease to prevent these surprises.

Whether you own a single rental unit or manage multiple condos, our condo property management services and rental management team ensure you stay ahead of lease renewals, tenant turnover, and compliance deadlines—so your investments stay profitable year-round.