A tenancy whose term is framed by reference to a period of time: weekly, monthly, quarterly or yearly. The tenancy lasts from week to week, or month to month and so on until determined by a notice to quit given by either the landlord or the tenant. The notice must expire at the end of a relevant period. The tenant under a periodic tenancy of business premises has protection under Part II of the Landlord and Tenant Act 1954 and so any notice to quit given by the landlord takes effect subject to the provisions of the Act. A periodic tenancy cannot be contracted out of the security of tenure provisions of the Act.

A periodic tenancy can be created by express agreement or, in the absence of an express agreement, may be inferred where there is a landlord and tenant relationship and rent is demanded and paid by reference to a particular time period.