What is the nature of a lease when it is automatically renewed unless canceled by either party?

A lease that is automatically renewed unless canceled by either party is characterized as a periodic tenancy. This type of tenancy lacks a predetermined end date and continues for successive periods (such as months or years) until one of the parties provides notice to terminate it.

The automatic renewal feature aligns with the definition of a periodic tenancy, which is based on the passage of time rather than a fixed term. This can occur month-to-month or year-to-year, depending on the specifics of the lease agreement. The fundamental aspect of a periodic tenancy is the ongoing nature of the agreement, which allows tenants and landlords flexibility as they can modify or terminate the lease with appropriate notice.

Other types of leases have different defining characteristics: a tenancy at will can be terminated at any time without notice, an estate for years has a specified beginning and ending date, and an estate at sufferance arises when a tenant remains in possession without the landlord's consent after the lease term has expired.