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Month-to-month rental agreements, also known as tenancy at will, offer flexibility for both landlords and tenants, allowing either party to terminate the lease with written notice. These arrangements can be appealing, but they come with certain drawbacks. The agreements automatically renew at the end of each month unless a cancellation notice is provided as per state law. In the video, viewers will learn about the pros and cons of month-to-month leases, how to create one, and what essential elements should be included to ensure compliance with local regulations. Additionally, the process of moving in and evicting a tenant remains largely similar to that of standard lease agreements.