A tenancy is a legal agreement between a landlord and a tenant that allows the tenant to occupy a property for a specified period. This arrangement typically involves the payment of rent, which is usually paid monthly. Tenancies can vary in length, from short-term leases to long-term agreements, and they outline the rights and responsibilities of both parties. There are different types of tenancies, such as fixed-term tenancies, which last for a set duration, and periodic tenancies, which continue until either party decides to terminate the agreement. Understanding the terms of a tenancy is essential for both landlords and tenants to ensure a smooth rental experience.