Month to month or annual contracts in Detroit?

[Jose N.]

Hi,

I notice many rental contracts are month to month in Detroit and I'm wondering why? In Florida where I live and invest, almost every lease is an annual contract that renews year after year.

[Travis Biziorek]

I have 12-doors in Detroit and they are mostly on 12-month leases.

That said, the market has shifted a lot to month-to-month. This happened during COVID.

In fact, before COVID people would tell you how terrible month-to-month contracts are because "you have no control over when someone could move out". 

Nathan is correct, the idea with month-to-month is you can terminate the lease easier. Honestly, I haven't had an issue with any of mine so it hasn't mattered. We just re-upped several leases this summer, all on annual contracts.