I am going to put the Mainland house on a month-to-month lease starting on the first of May. I need to sell this house. Mom’s care costs are escalating, and while there’s money in the bank, I want to liquidate this asset now rather than later. I’ve let the tenants know, and they are understanding. I will give them far more than a 20-day (required by our state when on a month-to-month situation) notice to vacate the property when the time comes.
I wrote to my Island tenants a few days ago asking what they were thinking about in regards to renewing their lease. They want to go month-to-month. The Island economy is driven by summer tourism. It is VERY difficult for summer workers to find affordable housing, much less year-round residents to find long-term rentals, as so many rentals properties have been converted to short-term rental (VRBO, AIRBNB).
My sense of security was shaken knowing the Island tenants want to go month-to-month. I reached out to a friend and neighbor on the Island. She is a landlord, astutely in touch with the rental economy on the Island, and is a retired attorney. Her broad advice and insight helped me realize I need to focus on that I have amazing tenants, to follow my gut response, and work with my tenants.
The world’s current state of affairs has a lot to do with why my Island tenants want to go month-to-month, and while interest rates are fantastic, this might not be the exact moment to sell the mainland house… I have additional advisors to consult.