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The term that best represents a tenant's right to occupy rental property is leasehold. A leasehold is a legal conception that establishes the tenant's rights under a lease agreement, which grants them the ability to occupy and use the property for a specified period in exchange for rent. This relationship is defined by the contractual agreement known as a lease, which outlines specific terms about occupancy, rights, responsibilities, and the duration of the tenant's use of the property.

While "tenancy" pertains to the overall legal relationship between a landlord and a tenant, it does not specifically highlight the tenant's right to occupy under a lease. "Ownership" relates to possessing title to a property, implying full rights over it, which does not apply to a tenant. "Occupancy" merely refers to the act of living or being present in a property, but it lacks the legal specificity that a leasehold provides concerning the right to reside on that property under a rental agreement.

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