What type of estate is characterized by agreed-upon time periods for rent but without a definite expiration date?

A periodic estate is defined by rental payments that are made at regular intervals, such as weekly, monthly, or yearly, while lacking a specified end date. This type of estate is often established through a lease agreement and automatically renews at the conclusion of each rental period until either the landlord or tenant decides to terminate it with proper notice.

This characteristic of fluctuating duration, based on the established rental cycle, differentiates periodic estates from other types of estates. Tenancy at will, for example, can be terminated by either party at any time, while a tenancy at sufferance occurs when a tenant remains in possession after the lease period has ended, without consent. A leasehold estate generally refers to any estate held by a tenant under a lease, which may or may not include periodic renewals. Therefore, periodic estate stands out due to its reliance on consistent timeframes for rent payments without a fixed termination date.