Here are the pros and cons of having a long term rental agreement as your business: Pros: Stable income: Many landlords like the long-term tenancy agreement because of the steady income. Less time and effort: Long-term tenancy agreements create a routine for landlords to collect money during its set due date making it easier to monitor payments. Cons: Lack of flexibility: Even though they offer stable income, you cannot take advantage of increasing rental prices in your area to your tenants. Legal obligations: There are additional legal obligations for long-term tenancy agreements that landlords need to abide by; sometimes it can be tiring for landlords but this is part of their responsibility to keep their tenants safe in their property.