What Is an Open-Ended Lease?
Open-ended leases tend to run month to month.
Fixed-term leases run for a definite term, such as a year, while open-ended leases run for a period of one month or less. Because open-ended leases tend to operate month to month, they're legally known as periodic tenancies. Fixed-term rental-property lease agreements are known legally as fixed-term tenancies. Similar to fixed-term leases, open-ended leases are formal agreements between landlords and tenants.
Open-ended leases allow landlords and tenants to change the conditions of their lease agreements with a 30-day written notice, unless otherwise specified. For example, under open-ended leases, landlords must provide 30 days written notice regarding changes to rental rates. At the same time, tenants under open-ended leases must
let landlords know 30 days in advance if they intend to move out of the rental space.
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