It`s also called a “monthly lease” because landlords usually require tenants to rent once a month in advance. A periodic lease allows a tenant to stay in the property for an indefinite period of time, as the lease does not have a set end date. However, the lease generally determines when termination is necessary and both parties are required to comply with this clause. If you are a landlord and have properties for rent, it is important to have a written lease. If you and your tenant ever have a dispute, your chances of getting a favorable outcome will improve if you have a written agreement. The landlord has allowed the tenant to reside in the property, but there is no fixed rental period or specific rental rules to follow. Both parties can put an end to the housing situation at any time. .