What is meant by the term 'holdover tenant'?

The term 'holdover tenant' refers to a tenant who stays in the rental property after their lease has officially expired. This situation typically arises when the tenant has not vacated the premises and continues to occupy the property without a renewal of the lease or a new agreement in place. The legal implications of being a holdover tenant can vary by jurisdiction, but in many cases, the landlord may have the option to start eviction proceedings or may convert the tenancy to a month-to-month arrangement, subject to applicable laws.

Understanding this term is important for both landlords and tenants as it affects the rights and responsibilities of both parties at the end of a lease term. The other options do not accurately capture this specific situation: paying rent in advance and having a month-to-month lease pertain to different arrangements, while being in the process of moving out suggests an intention to leave the property, which is not the case for holdover tenants.