There are also lease agreements known as periodic tenancy or tenancy agreements for occupying a property on a weekly, monthly or annual basis. This type of lease is determined by the term of payment of the tenancy. In many places, where the agreeing parties have not specified an arrangement and tenancy is under local custom, the payment term is generally considered monthly.
Periodic tenancy may be terminated when the expiration of the terms of lease is near. However, when the tenant terminates a periodic tenancy before the specified period, the tenant may be liable for the rent on the months remaining on the lease agreement.