Managing month to month leases

[Victor Genel]

Hello all, I need some advice. My first rental is a 3 bedroom STR renting out to travel nurses. How do you handle month to month leases? Do you keep your listing active? And when a prospective tenant applies, do you notify the current tenant and ask if they would sign a new lease to secure the spot? And I assume you can't make the space available within 30 days due to regs. Would appreciate any advice from LLs with similar arrangements.

[Bjorn Ahlblad]

Most of our tenants are MTM which is the custom around here and as a LL it is my preference. The lease has no bearing on how long people stay, some of my MTM tenants have been there for over a decade. No new lease needed the existing one is fine. Tenant gives us 30 days notice when they want to leave. We do a pre inspection to estimate the work needed to ready for new tenant and do a final inspection with the tenant to determine any damages. Most of the time turnover is scary fast and other times we may need to work on the property a little longer. In those cases the applicant wont see the unit till work is completed. Everybody wants to see the units but we only show to qualified prospects.