Monthly versus Yearly lease

[Sachin Maskey]

Hi, I am trying to renew my lease with current tenant whose lease is going to expire soon . Tenants has been staying since few years and has been paying the rents but due to this COVID-19 i am not sure if monthly or yearly lease is better . I would appreciate your feedback 

[Jill F.]

I only offer 1-year leases to high credit score tenants and then they revert to m2m. I really can't see much of a benefit to a 1-year lease. If someone needs to move they move. Ohio LLs have a duty to mitigate losses from a broken lease so you can't charge the tenant if you plan to reno. If the unit is already renovated ours get snapped up so quickly that if the lease breaker is cooperative and keeps the place nice while I show it and then leaves it nice (like they got it), I can usually get a renovated unit turned over with no money lost to me or the tenant.