Which type of tenancy allows either the landlord or tenant to terminate the lease with proper notice?

The type of tenancy that allows either the landlord or tenant to terminate the lease with proper notice is known as a tenancy at will. This arrangement is characterized by its flexibility, as it doesn’t have a predetermined duration and can be ended by either party at any time, provided that proper notice is given. This is particularly advantageous for both the landlord and tenant, as it allows for adaptability in their living arrangements or business needs without the constraints of a fixed-term lease.

In contrast, a periodic tenancy typically has defined periods for renewal (such as month-to-month or year-to-year) and requires notice for termination, usually dictated by the length of the rental period. A tenancy at sufferance occurs when a tenant remains in possession of the property after their lease has expired without the landlord’s consent, but it does not grant either party termination rights based on a notice. Long-term tenancy often implies a fixed lease period, during which neither party can terminate the agreement without cause before the lease's expiration date. Thus, tenancy at will offers the unique flexibility that is not found in these other types of tenancies.