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Whether you’re a landlord or a tenant, it’s important to know the differences between a periodic tenancy and a fixed-term tenancy so you can choose the one that suits you best.
A periodic tenancy is one that continues until either the tenant or the landlord gives written notice to end it.
A fixed-term tenancy on the other hand only lasts for a set amount of time, hence the name "fixed-term tenancy" – for example, one year or 6 months. It is also vital to rememeber to include the amount of time written on the tenancy agreement. The tenancy automatically becomes a periodic tenancy when the fixed term expires (unless the landlord or the tenant gives notice to say they don’t want the tenancy to continue or they agree on something else).
Exception: If your tenancy is for a fixed term of 90 days or less, then it will not become a periodic tenancy at the end of the fixed-term unless the landlord and tenant agree on something else.
Different Notice Periods: fixed-term vs periodic tenancy
The most important difference between a fixed-term and periodic tenancy is the correct notice periods for ending the tenancy.
To end a periodic tenancy
Landlord giving notice - must give at least 90 days written notice in most circumstances.
Tenant giving notice - must give at least 21 days written notice.
To end a fixed-term tenancy at the end of the fixed-term
Landlord giving notice - must give between 21 and 90 days written notice that the tenancy will end at the expiry of the fixed term.
Tenant giving notice - must give between 21 and 90 days written notice that the tenancy will end at the expiry of the fixed term.