In real estate law, a “Periodic Tenancy” has no defined ending date — the “term” keeps rolling over and over. (ex: month-to-month or year-to year). The tenancy continues for successive periods until the tenant gives the landlord notification that he wants to end the tenancy. In other words, if the landlord or tenant do not give the other a sufficient notice, the tenancy repeats (weekly, monthly, etc…) depending on what its initial periodicity. The periodicity might be stated in the lease; otherwise, it generally matches the rent interval.
How do I end a periodic tenancy?
To end to a periodic tenancy, one party must give the other notice. A month to month lease is an arrangement in which the lease may be terminated by either party after giving notice, typically at least 30 days in advance.
Benefits of month to month leases
The month to month tenancy offers a renter more flexibility as he will not have to pay a penalty or lose a deposit if he decides to move. Even though the landlord may raise your rent, change the rental terms, or even evict you for any reason, with a similar minimum advance notice, the periodic tenancy is not a common way to start a landlord-tenant relationship.
Cons of a month to month lease
While there are certainly benefits to a month to month lease, there are also drawbacks. These include:
- higher cost
- transitory neighbors
- lack of upkeep
- ability for landlord to easily raise rent
This list is not exhaustive. For more information on the pros and cons of a periodic tenancy, contact an experienced real estate lawyer.
Whether you or a tenant or a landlord, it is important to understand your rights. Discuss your legal options and remedies with the experienced real estate attorneys at Hart, Watters & Carter today.