I have never rented before, so I’m not too familiar with what I have to do. Should I have a lease for one year or should I have a monthly tenancy? What is the difference?

It is up to both parties to agree on whether the tenancy will be on a month-to-month basis or a fixed term for a one year period. A monthly tenancy allows the tenant to move out by giving 60 days’ notice, whereas if there is a fixed length of time on the lease, the tenant can only terminate by giving 60 days’ notice to terminate at the end of the lease term. After the lease expires, the tenancy continues on a month-to-month basis under the same terms and conditions of the lease.