A lease where the term is equal to the rental period. For example, the carryover (holding over) clause of the standard lease allows a monthly tenancy. In such a case it is created by agreement. The lease can be terminated by a notice to quit by the lessor, or a notice of intention to quit by the lessee. A periodic tenancy can also be inferred by the conduct of the parties such as when the landlord accepts rent from the tenant during the holding over period.

tenancy at will