I have a very nice studio that will be available at the end of Dec. The rent is $700. It is furnished with internet...utilities are paid by the tenant.

I usually do a year lease,but I got an inquiry tonight about a family that is relocating and the girl and her father want something month to month. I don't now for how long they will need it for but i don't want a vacancy in the winter.

I live in a college town and could probably get it rented for second semester, but i also might not. So, if I rented this studio for month to month, i think I should probably ask for more rent as I may not get it rented in the late winter. How do you guys do with temporary rentals.

I will try to get an idea about how long they want to stay.

It is common in my market for month-to-month agreements to be $50-$100 per month more than a 12 month lease.

Although I usually do month to month, I don't advertise it as that, and I try to avoid those that only want a short term rental, especially if it will be in the winter.

Jo,

I'm in this for FREEDOM!!!

MTM and short term do not provide me FREEDOM!!!

Spend a little more time to find a long term res.

My lease has an early release fee which helps people relax who are otherwise afraid to commit. They see a back door but usually stay.

With the ELT they can leave any time they want and I don't get hurt.

BRAD

I do M2M, easier to get bad apples out without a bunch of (extra) drama. BUT there is a rent increase if they leave inside a year that comes out of their deposit.

In my market at least M2M has worked well for me. I've found people stay longer when they don't focus on the lease ending. If they want to move they will start looking "next month," but next month never comes. Or they look at a couple of places and decide where they are ain't so bad after all. :)

Agreed, LTD.

MTM for All My Tenant(s) (even coming in)

My choice.

Keep'em on a short Leash and

cut'em loose when the party is over.

Re Leases,.

So how do you stop someone that really wants to leave? Are you going after them when they move out of state? Good luck with that.

Years ago my mentor who owns nearly 50 million dollars of RE. Told me he rarely does any leases, (Except for some of his commercial properties )But for his residential properties, he only does MTM.

We usually only d Month to month. Some things just don't show up on screening, especially if the last property was a complex. This way it only takes 30 days to get rid of a PITA or otherwise high maintenance resident who screened well. no reason required. We don't want people who do not want to live in our properties.

I agree with Brad. M2M are more work and I think they generally represent a different class of tenants...I realize that could be an unfair generalization. There is also the issue that the cost of turnover is simply too expensive to have a revolving door.

Of course it helps that in NC I can have someone out in 30 days. Perhaps if I lived in some of the areas where the process takes a lot longer I might feel very differently.

As for this specific question:

- yes I would certainly charge more for a short term rental

Kathi, [OH]

Agreed and well said.