Do I charge more rent if my tenant wants month-to-month lease?

[Todd Moriarty]

Hi All,

My tenant has been in my rental for 5 years now. He has been paying the rent and keeping it clean. After the one year lease expired 4 years ago, he asked to do a month-to-month lease which I agreed to and it's been that way ever since. I kept the rent the same, initially, because I liked him. My question is, should I have charged more for a MML (month-to-month lease) or refused his request for a MML and done a yearly lease? I have heard recently that most landlords charge more for a MML. I'm in the Detroit metro area in SE Michigan.

Thanks.