Periodic tenancy is generally referred to the rent which is paid at periodic intervals to the landlord until the termination of the agreement. The periodic tenancy may either last from month to month or year to year. Periodic tenancy generally depends on the landlord. The landlord can issue termination of the periodic tenancy if he is not satisfied with the tenant activities.
A period of time may be given to the tenant in order to vacate the property. This period of time may depend varying from weeks to months based on the agreement. The landlord can later put a periodic tenancy with a new tenant. However it is necessary to check the credit and financial history of the new tenant before signing the agreement. If everything goes well the landlord can fix the term and the rent for the property. The rent may generally either increase or decrease every time the periodic tenancy is renewed.