A residential lease that lasts for a year can be beneficial to both a Landlord and a Tenant.
The Tenant knows that if they pay rent on time every month, they have the right to continue residing in the property without fear of being given a termination notice that their lease is ending. The Landlord is given stability wherein they have a Tenant that pays them rent every month and it’s much harder for the Tenant to break the lease at anytime.
The disadvantage of a lease that lasts for a year is that neither party can terminate the lease at anytime by giving notice. The only time that the lease can be broken is if the Tenant fails to pay the past due rent after being a three (3) day notice, the Tenant violates a non-monetary provision of the lease that does not afford them the opportunity to cure the violation, or if a Landlord fails to maintain the property after being given a seven (7) days’ notice.
A month-to-month lease however can also be beneficial to both a Landlord and a Tenant. Pursuant to Florida Statute 83.57(3), either a Landlord or a Tenant can terminate a month-to-month lease by giving fifteen (15) days’ notice prior to the commencement of the next rental period.
How Does the Benefit of an Early Termination Notice Relate to a Tenant’s Failure to Pay Rent?
If a Tenant’s lease with the Landlord is from month-to-month and they have failed to pay rent, a Landlord can give notice to the Tenant that includes both a Three (3) Day Notice to either pay rent or vacate the property and a fifteen (15) day notice of termination.
Therefore, even if the Tenant pays rent during the three (3) day notice period, the Landlord can still decide to terminate the Tenant’s lease by giving them fifteen (15) days’ notice. This is stark contrast to a lease that lasts for a year.