What type of tenancy allows either party to terminate the agreement at any time?

Tenancy at will is a type of lease agreement that permits either the landlord or the tenant to terminate the occupancy at any time, without a fixed duration specified in the lease. This provides a great deal of flexibility for both parties, as it does not require a predefined notice period or a specific end date for the tenancy. Instead, the relationship can be concluded whenever one party chooses, adhering to any local statutory requirements regarding notice.

In contrast, tenancy for years involves a fixed lease period that cannot be terminated early by either party without penalty unless there is a breach of contract. Periodic tenancy renews automatically at the end of each period (such as monthly or yearly) until one party provides notice to terminate, meaning that neither party can end the agreement at will without following the notice requirements. Joint tenancy relates to property ownership rather than tenancy agreements and does not apply to rental situations in the same way.

Understanding these distinctions is essential for recognizing how flexible arrangements like tenancy at will can offer advantages in certain rental situations.