Definition - What does Tenancy mean?
Tenancy is when one party rents land or structural property from another party, typically for a fee. In tenancies, the person who occupies the property is called the tenant, and the owner of the property is called the landlord. In the context of the law, tenancies typically only last for a specific period of time, and this time is laid out in the contract. Also, the tenant must pay the landlord rent if the contract says so and if the tenant agrees to it.
Justipedia explains Tenancy
Many people choose to enter tenancies as an alternative to buying real property. This could be because tenancies are more affordable, or because of personal preferences for tenancies, etc. Businesses also commonly enter tenancies for commercial property. One of the main benefits of a tenancy is that the landlord, and not the tenant, is responsible for paying insurance associated with the property. Also, the landlord is the one who pays taxes on the property.