MTM Lease renewal and deposit to cover notice period

[Sendil Thangavelu]

Hello,

For my rental property in FL, tenant after first year of 12 month rental term  is asking for a month to month lease with a 2 month notice to vacate. Rent is $2100 per month and the deposit I hold is $3000. My concern is they can simply walk away without giving me 2 months notice because loosing deposit is cheaper than 2 month rent for them. If they walk away, it is hard for me to recover the monies. What are my options if I want to keep the tenant on month to month. Should I ask them for more deposit, to convert  the renewal lease to month to month ?

Thanks in advance!

[Nathan Gesner]

Quote from @Sendil Thangavelu:

I would require a larger deposit. In my market, I increase the rent rate 25% for tenants on a month-to-month and they have no problem paying it. They get the flexibility, I get the extra income to help defray losses during a short-notice turnover.