What type of estate does a tenant possess in a lease agreement?

In a lease agreement, a tenant possesses a leasehold estate. This type of estate gives the tenant the right to occupy and use the property for a specified period of time according to the terms laid out in the lease. It is characterized by the temporary nature of the tenant's rights, which are limited to the duration of the lease agreement.

A leasehold estate is distinct from a freehold estate, which involves ownership of the property and typically includes more permanent and indefinite rights. The tenant does not own the property; rather, they have exclusive rights to use it while the lease is in effect.

Equitable estates refer to a right in property that can be enforced in a court of equity, often relating to interests such as beneficial ownership, but this does not apply to the simple tenant-landlord relationship set by a lease.

Non-possessory estates involve rights that do not include the right to possess or occupy the property, such as easements or rights of way. Since a tenant specifically enjoys the right to possess and use the rented property, the leasehold estate is the most fitting description of their situation.