Final answer:
A holdover tenancy occurs when a tenant occupies a property after the expiration of a lease without the landlord's consent. The tenant becomes a month-to-month tenant and must pay rent on a monthly basis.
Step-by-step explanation:
When a tenant occupies a property after the expiration of a lease, it is known as a holdover tenancy. A holdover tenancy occurs when a tenant continues to possess the property without the landlord's consent. In this situation, the tenant becomes a month-to-month tenant and must pay rent on a monthly basis.
For example, if a tenant's lease ends on December 31st and they continue to stay in the property without signing a new lease or obtaining the landlord's permission, they will be considered a holdover tenant.