What is the difference between tenancy for years and periodic tenancy?

When it comes to rental agreements, understanding the key differences between tenancy for years and periodic tenancy is essential for both landlords and tenants.

Tenancy for Years

Tenancy for years, also known as a fixed-term lease, is a rental agreement with a specified start and end date. This type of lease offers stability and security for both parties, as the terms of the agreement are set for a specific period, typically six months or one year. One of the main benefits of tenancy for years is that rent typically cannot be increased during the term of the lease, providing tenants with predictable housing costs.

Periodic Tenancy

Periodic tenancy, on the other hand, is a rental arrangement that continues on a rolling basis, usually from month to month. This type of lease automatically renews at the end of each rental period until either the landlord or the tenant gives proper notice to terminate the agreement. Periodic tenancy offers flexibility for both parties, as it allows for easier changes in rental terms or termination.

Understanding the differences between tenancy for years and periodic tenancy can help landlords and tenants choose the most suitable rental agreement for their needs and preferences.