assured tenancy

Tenancy that gives security of tenure but at open market (fluctuating) rent rate. Under this arrangement the (1) landlord cannot regain possession of the property except under certain statutory provisions, (2) may apply to raise the rent to current market level, within certain limitations, and (3) tenant cannot assign the tenancy to a third party without landlord's approval but (upon the tenants death) his or her spouse may continue the tenancy. Also called protected tenancy or regulated tenancy.