What describes a lease where rent is paid periodically, typically monthly or annually?

A lease in which rent is paid periodically, such as monthly or annually, is known as a periodic tenancy. This type of lease automatically renews at the end of each rental period unless either party provides notice to terminate the agreement. The defining characteristic of periodic tenancy is its flexibility, allowing the tenant to remain in possession of the property as long as they continue to pay rent and the landlord does not terminate the lease.

In contrast, a tenancy at will is a more informal arrangement that can be terminated at any time by either party. A fixed-term lease, on the other hand, has a specific start and end date, which does not allow for periodic renewal without renegotiation. Implicit tenancy typically refers to situations where a tenant continues to occupy a property without a formal lease agreement, which does not align with the structured periodic payments of a periodic tenancy.