What type of lease includes the possibility of automatic renewal unless either party takes action to terminate it?

A period to period lease is characterized by its automatic renewal feature, typically on a monthly or yearly basis. This type of lease continues until one of the parties provides notice to terminate it. The nature of this lease allows it to renew seamlessly, reflecting the ongoing duration which defines it—such as month-to-month or year-to-year. The notice requirement for termination is often stipulated within the lease agreement itself, ensuring both parties are aware of their obligations.

In contrast, an estate for years lease is a fixed-term lease with a set end date, and does not automatically renew when the term expires. A tenancy at will grants either party the flexibility to terminate the lease at any time without notice, which does not support the automatic renewal feature. Lastly, a life estate refers to ownership of property for the duration of an individual's life, more pertaining to property rights rather than the dynamics of leasing. Thus, the defining characteristic of the period to period lease makes it the correct answer regarding automatic renewal unless action is taken to terminate it.