Month-to-Month or 6 month lease?

[Hyun Jin Kwon]

This is my first time managing my rental and I had a lot of 3-6 month lease inquiries. These leases will put me in a bad situation as I will have to rent my property in December of this year or January of next year. It's been on the market for around 10 days, no applications, around 5 showings. What do you think? Should I do month-to-month with a tenant while I find a long term tenant or just keep looking?

[Matthew Masoud]

If you've had only 5 showings and no applications in 10 days, you may need to reconsider your price point. (unless you are in a low population area or you are not marketing effectively).

For my properties that are in landlord-friendly states, I don't mind month-to-month because I can charge a premium in rent (Market rent +$100) and I can get them out if I need to. Surprisingly they typically still stay for 12+ months

For my rentals in tenant-friendly states, I always go 1-year lease or longer.