What are periodic tenancies characterized by?

Periodic tenancies are characterized by renewable contracts that occur at regular intervals, such as monthly or annually. This type of tenancy does not come with a fixed end date, allowing the lease to automatically renew unless one party provides notice to terminate. The regularity of the rental payments, which typically align with billing cycles, facilitates a dynamic where the tenant maintains occupancy as long as rent continues to be paid and the lease remains unbroken. This characteristic makes periodic tenancies particularly flexible for both landlords and tenants, as they do not lock either party into a long-term commitment.

The other options do not accurately describe the nature of periodic tenancies: they do not have fixed end dates or a specific term length akin to fixed-term leases. Additionally, while there may be some level of instability compared to longer-term leases, the option of renewal creates a level of security that can be beneficial for tenants.