Which type of lease allows for periodic renewals over time until terminated by either party?

The type of lease that permits periodic renewals and can continue until either party decides to terminate it is known as a Periodic Tenancy. This arrangement typically operates on a set schedule, such as weekly or monthly, and automatically renews at the end of each period unless either the landlord or the tenant gives notice to end the tenancy. This flexibility is a key characteristic that distinguishes it from other lease types.

In contrast, a Lease for Years establishes a fixed, predetermined period for the lease, with a specific start and end date, and does not include any automatic renewal features. A Tenancy at Will allows either party to terminate the lease at any time without a specific duration, which does not support the concept of periodic renewals. A Fixed Lease is more aligned with a Lease for Years, having set terms without the option for periodic renewal.

Therefore, because of its inherent structure allowing for renewal at defined intervals until terminated by either party, the Periodic Tenancy is the correct choice in this scenario.