Is it better to rent out long-term or month-to-month? Deciding how to lease out your rental property depends on your current situation and your goals. Read on for the pros and cons of each; to discuss professional management of your property, call our office at (808) 593-9826.
Month-to-Month
+ More flexibility
+ Extension of a longer lease to allow time before doing something, such as a renovation project
– Could lead to unexpected vacancy because there is only a 28-day notice
- This could make it harder to rent right away
- We’ve learned that 60 days’ notice is needed to properly advertise and fill the vacancy
It is important to note that tenants in a month-to-month situation had more protections during COVID restrictions. In comparison, when the long-term tenants’ contracts ended, they could be removed from the property.
Long-Term
+ Have more time to prepare for and fill vacancies
+ More consistency
+ More stable tenant
+ More likely to get paid each month and on time
– Less flexible
Remember, these options are different from short term rentals. As of October 23, 2022, there will be more short-term rentals for fewer than 90 days, unless the property is in a hotel zone or other exception area. You can still do lease extensions for 30 or 60 days for current tenants, just not for new tenants.
To learn more about the short-term rental changes, watch the Ask Doug! video on the topic here and condotel classifications here.
To learn more about our concierge rental services and discuss the best plan for your rental property, call our office to schedule a private consultation at (808) 593-9826 or email concierge@caronb.com
