Which type of lease automatically renews for like periods of time?

A periodic tenancy is a lease arrangement where the agreement automatically renews for successive periods of time, such as week-to-week or month-to-month, unless either party provides notice to terminate. This type of lease does not have a fixed end date, which distinguishes it from other lease types.

In a periodic tenancy, the continuity and renewal aspect is a fundamental characteristic. For instance, if a tenant pays rent on a monthly basis, the lease will continue to renew every month until one party serves notice to end it. This feature provides both flexibility to tenants and landlords in managing rental arrangements.

In contrast, a fixed-term lease has a specified duration and does not renew automatically; it requires a new agreement or action for renewal after the term ends. A net lease and a gross lease refer to the way expenses are handled in relation to the rent but do not inherently include provisions about automatic renewal. Thus, the unique aspect of a periodic tenancy lies in its continuous, renewing nature without needing a new lease executed at the end of each period.