When it comes to renting a home or apartment in Chicago, many people automatically think of signing a year-long lease. However, there is another option that is gaining popularity in the city: month-to-month leases. These types of leases offer a variety of benefits for both landlords and tenants. In this blog, we will explore the advantages of month-to-month rentals in Chicago and why they may be the right choice for you.
Flexibility of Month-to-Month Leases
One of the biggest benefits of this type of short term lease is the flexibility it offers. Unlike a traditional year-long lease, a month-to-month lease allows tenants to move out at any time with just a 30-day notice. This is ideal for those who may be unsure of their future plans or for those who may need to relocate for work or personal reasons. It also allows for more flexibility in terms of finding a new place to live, as tenants are not tied down to a specific move-in date.
These type of short term rentals are also a great option for those who are looking for a temporary living arrangements. This could include ALE, transitional housing, or those who are in between homes. Instead of being locked into a year-long lease, these individuals can rent a place for just a few months without any long-term commitment. This can save them money and hassle in the long run.
In some cases, month-to-month leases may actually be more cost-effective than traditional leases. While the monthly rent most likely will be higher, tenants are not required to pay a security deposit or any other upfront fees based on their credit. This can save them hundreds, if not thousands of dollars in move-in costs. Additionally, if a tenant needs to move out before the end of the month, they are only responsible for paying for the days they actually lived in the apartment, rather than being locked into a full month’s rent.
Easier to Terminate Leases
For landlords, month-to-month rental offer an easier way to terminate a lease if necessary. If a tenant is not following the terms of the lease or causing issues, the landlord can simply give them a 30-day notice to vacate the property. This can save landlords time and money in the long run, as they do not have to go through the lengthy eviction process.
Ideal for Suburban Living
Month-to-month leases are also a great option for those looking to live in the suburbs of Chicago. Many suburban areas have a higher turnover rate, making month-to-month leases a more common option. This can be beneficial for those who may be looking to move to the suburbs but are not ready to commit to a long-term lease.
Month-to-month rentals offer a variety of benefits for both tenants and landlords in Chicago. From flexibility and lower costs to easier termination and suburban living, these types of leases are becoming a popular choice for many. If you are considering renting in Chicago, be sure to explore the option of a month-to-month rentals and see if it is the right fit for you.
Have you ever rented on a month-to-month lease in Chicago? Share your experience in the comments below.