What is a common type of lease known as tenancy for years?

A tenancy for years refers to a lease agreement that is established for a specific and defined period of time, which can range from days to several years. This type of lease is distinct because it provides both the landlord and tenant with certainty about the lease's start and end dates. As a result, the parties involved can plan accordingly, knowing exactly when the tenancy will conclude. This characteristic is what clearly defines a tenancy for years, making it an essential concept in real estate leasing.

In contrast, a lease that automatically renews each year describes a different concept, typically known as a periodic tenancy. A verbal lease that can end at any time suggests that there is no formal agreement or a fixed term, which does not align with the definition of tenancy for years. Similarly, a lease without a specific end date resembles a periodic tenancy and lacks the clear termination structure inherent to a tenancy for years. These distinctions make it clear why the correct characterization of a tenancy for years is a lease for a definite duration.