Month to month leases vs. annual

[Michael H.]

Last month I purchased five duplexes. Seven of the ten units are month to month leases. I'm looking my to raise the rent for these seven immediately as they are $200-$300 a month low for the area. I'm considering having them sign month to month leases vs a full year lease to give me more flexibility in raising rent and not losing too many tenants at once. What are the pros and cons you've seen of month to month vs yearly?