There are two kinds of residential rental agreements that tenants can enter in to. The most common kind is the residential lease agreement where a unit is rented out by the landlord for a period that lasts for at least a year. The second kind of agreement, called a Month-to-Month Rental Agreement may be considered a special arrangement between the landlord and the tenant. This kind of agreement is done when the tenant requests for a temporary lease extension. As the name implies, rent is made on a short-term or monthly basis; and the agreement may be easily terminated by either the tenant and/or the landlord.
Some landlords and tenants are satisfied with just a verbal monthly rental agreement. However, in order to protect the rights of both parties, as well as the property involved, it is still best to put the terms and conditions of this special arrangement on paper.
Monthly Rental Agreements, being legal transactions, should be formalized. Monthly rental agreements should indicate the names and addresses of the parties involved; agreed upon rental rates and payment terms. In addition to this, other clauses such as rules on subletting, pets and smoking, payment of utilities, deposit refunds, and lease termination should also be specified.
Month to Month Rental Agreements can be used for any type of property: homes, apartments, or condominium units.