At SmartCapitalMind, we're committed to delivering accurate, trustworthy information. Our expert-authored content is rigorously fact-checked and sourced from credible authorities. Discover how we uphold the highest standards in providing you with reliable knowledge.
Tenancy at will is another term for a month-to-month lease, which is an agreement between tenants and landlords that has pros and cons. One of the most obvious advantages of this type of lease agreement is that it offers tenants some freedom when it comes to their home, as they are not tied down with a long-term lease or mortgage. Travelers visiting an area for more than a month can also use this type of lease to stay in a home or apartment rather than a hotel. Of course, the main disadvantage is that the landlord can ask the tenant to leave with only a month's notice, even if no rules have been broken. Additionally, a tenancy at will agreement can allow the landlord to increase the price of rent with very little notice.
Some tenants prefer renting over buying because they like having the freedom of being able to leave with very little notice. Such people often like tenancy at will lease agreements for this reason, especially since this type of lease allows them to leave even sooner than a six-month or one-year lease. Of course, while tenants who simply like change may be attracted to tenancy at will, others find it appealing for different reasons. For example, those looking to buy a house may need a temporary place to stay, either while they find the perfect house, or wait for their dream home to be built.
This type of lease agreement is also often ideal for people who take long trips to different cities. Staying in a hotel or motel for several weeks can get expensive, and rarely allows travelers to feel as comfortable as they might at home. Thus, tenancy at will may be appealing to people who want to settle down in one place for anywhere from one month to several months. This is especially true of travelers who are not sure how long they will stay in one particular city, as this option often allows them greater freedom in their travels while helping them feel comfortable during their stay.
The unfortunate side of tenancy at will is that it offers the landlord as much spontaneity as it does the tenant. This is because the landlord can request that the tenant leave with just one month's notice, even if the tenant is not ready to move. Additionally, the landlord can raise the rent at any point during the tenant's stay, whereas he must normally wait for a six-month or year lease to end before increasing the price under a more traditional arrangement. Thus, this type of agreement may provide both freedom and instability for tenants.