QUOTE (Rascal @ Nov 15 2007, 11:48 AM) What are people`s thoughts on leases (in Alberta)? I have heard two different arguments. Some say that leases are more in favor of the tenant and some say the same for the landlord. Some recommend renting month-to-month. Any feedback from those more experienced would be helpful.
My experience is that when you sign a one year lease it can be enforced on you but if the tenant runs out prematurely you`ll have a hard time enforcing it on the tenant. i.e. it works against you. Even worse, I owned a rental property when every renter in town wanted to buy rather than rent (that was in Calgary some 3 or 4 years ago). My rental agent was a dud who seemed to qualify renters who continuously walked out on him. At his last try, he offered, with my consent, a rental lease incentive. Upon signing a one year lease, the renter would get the first month rent free. Guess what, he rented the place with a one year lease. Two month later the renter walked out. If you ever consider offering a rent incentive for signing a lease, don`t offer the incentive upfront rather offer it at the lease end. Such as the 12th month of the lease is free.
That is my pound of flesh on this issue.