What are you all currently charging for Month to Month leases?

Month to Month Questions

What are you all currently charging for Month to Month leases? Also, with the market as it is now how often are you sending notices to month to month residents of their new rate?

Bonus question- What software do you use & is the process manually done or automated within the software?

Thank you!

Market, plus $350 MTM fee. Notices each month prior to expiration. 60 day notice is still required.

One site, We do this manually…

What market?

Lubbock, Texas. MTM increased to $500 today.
Conventional, no section 8

Wow! So it seems MTM is a hot topic nowadays.

It is. So many people think rates are going to drop soon. We’ve seen an increase of $100 over the last 6 weeks and I’m still under market.

Market plus $100 in Eastern WA. We use AMSI and it's allll manual. We are required 60 days notice so at the end of each month, the properties audit and send as needed.

We use yieldstar & our mtm is NUTS! Some are a few hundred over market while others are $8,000 - $12,750. Yup…you did read that correctly. (Market is $1,800 max)

Yieldstar. MTM rates were like triple best rate offer. We had that adjusted. Our MTM is YS best offer, plus $300. YS calculates for us.

Yardi, rent increase to market rate plus 15% fee for M2M. Our apartments range from $1500 to $2800. Located in Troy, NY.

$250 for mtm

$180 per month, I'm in Maryland

Market plus $500

Market plus $300.

I've done either market plus $150-300 or current lease rate plus $150 -$300. Typically when I did the market plus mtm fee was because I was repositioning and needed people to either vacate or transfer to accomplish the remodel.

400

$250 is what we charge if they have not comoleted a lease.

We charge the 1 month rental rate which is above market. For example if a 2 bedroom is renting for 1400 for a 12 month lease you are gonna be paying roughly $2200-$2500 a month.

We charge market rate + a $100 month to month fee. We do not go above our market rates. If our rates change, they get a 30-day notice of that change.

Market plus $250

I do not know of any Mgmt co that allows initial term as mtm except thru a corp provider. We do mtm on renewals only not initial terms many states have tax regulations you may want to research.

Just remember, youre opening a fair housing can of worms!! If you allow this, you will need to continue to do so!! Stick to your policies as they exist if you dont want this to become the norm. Dont make her problem give you problems!!!

Depending on whether or not you have a broker to hang your real estate license on, Florida law only allows for a 7 month lease, and then an option to go mtm at whatever premium you set. So if your not licensed and/or a broker won't hang his license on the agreement, you probably shouldn't do it as u open urself up to alot of liability here. Additionally I would be a little weary of a new applicant wanting to start mtm. If you still decide to move forward I would require a hefty security deposit, and tbh - our mgmt company charges about double the rent. You may want to consult with someone in at least verbiage of the lease, or legalities.. Best of luck!

Market plus $250 for month to month- we also offer shorter term options with a premium so like 6 months for an extra $100 a month

Market + $400

Depending on the state you are in, you can not charge a “M2M premium “.. You can charge a reasonable higher rental rate.

We charge market rent plus additional $300 per month.

Market plus $100.

Market rate plus $250

We charge $200 extra a month.

The turnover costs out weigh what you will gain. I wouldn’t do it.

We typically add $300 but I know if you are on a revenue management software it sometimes adds an outrageous amount so you can probably do more if you want. Just make sure you have a consistent system in place for fair housing.

Market rate + $200 mtm but only applicable for lease extensions. Won’t allow anything shorter than 12 months.