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Security of tenure

The right of some tenants renting or leasing houses, or business premises to continue as tenants, so long as they pay the agreed rent and abide by the conditions of tenancy. Security of tenure is clearly beneficial to existing tenants, as it protects them against the trouble and expense of moving if they do not want to, and the danger that they might not be able to find anywhere else to rent. Security of tenure may, however, discourage investment in property, and make the owners of existing property reluctant to let it; this harms those who are not currently tenants but would like to rent housing or business premises.

Reference: Oxford Press Dictonary of Economics, 5th edt.