A tenant who remains in possession of a rented residence or office after the expiration of the lease. The holdover tenant may be evicted, but is often permitted to remain on a month-to-month basis. However, some leases avoid the situation entirely by automatically renewing unless one party or the other elects in advance not to do so.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
holdover tenantA tenant who remains in possession of leased premises beyond the expiration of a lease term.Most commercial leases,and many residential leases,provide that a holdover tenant will be responsible for rent in an amount 125 to 200 percent greater than current market rents, but accepting the rent does not sacrifice any of the landlord's rights to obtain an eviction. (State laws may place a cap on the amount of increased rent charged to consumers.)
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.