What is a lease for a fixed period of time known as?

A lease for a fixed period of time is known as a tenancy for years. This type of lease has a specific start and end date, providing clarity for both landlords and tenants regarding the duration of the rental agreement. Unlike other lease types, such as a tenancy at will, which can be terminated at any time by either party with proper notice, a tenancy for years clearly delineates the timeframe of the tenancy.

In this arrangement, regardless of whether it lasts for a few months or several years, the lease agreement remains binding until the specified end date is reached or both parties agree to terminate it. This ensures stability and predictability in rental relationships, as both parties understand the extent of their commitments. The term “years” does not necessarily imply a long duration; it can just as easily refer to any fixed length, such as six months, as long as the period is specified in the lease agreement.