Making money on short-term arrangements: An estate at will allows landlords to earn income from the property on a short-term basis without committing to a long-term lease. This can be useful if the property is up for sale or if the landlord is unsure about their long-term plans for the property.
Profiting before a sale is finalized: If a landlord is in the process of selling a property, an estate at will provides a way to continue earning income until the sale is finalized. This short-term arrangement ensures that the property doesn’t sit empty, potentially reducing carrying costs associated with maintaining an unoccupied property.
Welcoming new tenants quickly: Landlords and tenants can establish an estate at will quickly and easily, making it an attractive option for landlords who want to fill a vacancy without taking the time to draft a formal lease. This efficiency can also benefit tenants who need to secure housing quickly, such as during a temporary work assignment or while waiting to close on a new home. This can help minimize periods of vacancy and maintain consistent rental income.
Ending a problematic tenancy immediately: For landlords, one of the most significant benefits of an estate at will is the ability to terminate the agreement without being bound by a long-term lease. If a tenant turns out to be problematic, the landlord can provide the required notice and end the tenancy, reducing the potential for long-term issues.
Assessing a new tenant’s behavior: For landlords who are unsure about a tenant’s reliability, an estate at will provide an opportunity to see how the tenant behaves in the property before committing to a long-term lease. This “trial period” can help landlords make more informed decisions about whether to offer a more permanent rental agreement.