Tenancy at will is an agreement between a tenant and a landlord that allows either party to terminate the agreement at any time, with or without cause. The lease does not specify a definite end date, leaving either party free to end the agreement on any given day. This type of agreement can generally be initiated orally or in writing, making it ideal for shorter-term rental agreements.
What Are the Benefits of Tenancy at Will?
Tenancy at will is a great option for people who need more flexibility from their lease. It can be beneficial for landlords and tenants alike since either party has the freedom to end the agreement without adhering to a predetermined timeline. Tenancy at will can be especially beneficial for a landlord with rental properties that do not stay occupied for very long or to fill a vacancy between long-term renters. It also is ideal for tenants who are unsure of how long they need the rental space for or when their circumstances may change.
Are There Any Potential Drawbacks?
The main drawback of tenancy at will is the lack of security it offers to the tenant. Since either party can end the agreement at any time, the tenant does not have the same legal protections associated with a long-term lease, such as the ability to dispute rent increases or eviction notices. Furthermore, tenancy at will agreements are not covered by the same laws and regulations that govern long-term lease agreements, which can affect the tenant’s rights. Additionally, verbal tenancy at will agreements do not offer any protection to either party should there be a disagreement, so tenants should make sure that the agreement is in writing.
Conclusion
Tenancy at will can offer flexibility and convenience to both landlords and tenants and is therefore a great tool for short-term rentals. However, it is important for tenants to be aware of the risks associated with agreements of this type and to ensure that any agreement is carefully written out and documented. Understanding the key concepts of tenancy at will can help ensure that both parties are satisfied with the rental agreement.