What type of estate does a tenant have if they sign a lease for less than a year?

A tenant who signs a lease for less than a year has a leasehold estate. This type of estate is characterized by the tenant's right to occupy the property for a specific duration as outlined in the lease agreement, which in this case is for a term shorter than a year.

Leasehold estates are fundamentally different from freehold estates, where ownership of the property is held indefinitely. In a leasehold estate, the tenant has the right to use and occupy the property but does not own it; the ownership remains with the landlord. The specific duration of the lease provides clarity on the tenant’s rights and obligations, delineating it from more flexible arrangements such as a tenancy at will, where either party can terminate the agreement at any time with proper notice.

Moreover, while periodic tenancy refers to agreements that automatically renew on a regular basis (e.g., month-to-month), a lease for less than a year typically signifies a fixed term that doesn't inherently allow for renewal beyond its specified duration without a new agreement. Thus, in this scenario, the leasehold estate is the most accurate characterization of the tenant's rights.