Both are binding contracts, enforceable anywhere in the country.
A month-by-month lease can be written or oral.
However a written rental agreement is much better as it is provable, a oral agreement is subject to the memories of the parties that usually do not agree. In some parts of the county any agreement for property, like renting, must be written.
Rent is payable monthly, and the agreement can be changed or ended by either the landlord or the tenant after giving some notice.
Usually, notice must be given thirty days in advance.
The advantage of a month-by-month lease to tenants is that they can give notice, move, and stop paying rent when they return possession of the property correctly to the landlord. The steps are outlined in the rental agreement and state law, for returning the property.
Since about 20 percent of all tenants move each year, the ease of mobility can be important.
The disadvantage of month to month is that either party can stop or give notice.. at any time.
Oregon allows a no cause notice.. you simply want to move or the landlord wants the home back.. no reason need be given.
Is a fixed term ( one year is typical) rental agreement for a specific time, months or years.. and also fixes the rents, and rules, however neither the landlord nor the tenant can end or modify the lease before the end of the term without the permission of the other. (there are exceptions)
Fixed-term leases protect landlords and protect tenants however it is very ridged..
Both parties must perform, pay rent, etc.. for that period of time.. however most leases do have a ‘termination or buyout clause’.. usually you pay two months rent to get out.. but this cannot be the moniesfrom the deposits..
But month-to-month agreements are better for parties who want flexibility.
As a creditor to the tenants in many states a landlord can report the tenants performance to the credit bureaus..