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A holdover tenant is a term used to describe a tenant who remains in possession of a property he has leased beyond the lease period stated in the tenancy agreement.
The lease has basically expired and the tenant is still there.
For example, a tenant had signed a 1 year lease for an apartment. But after one year, the tenant is still living in it. This makes the him a holdover tenant.
In this case, the tenant will be able to continue living in the apartment as long as rent continues to be paid.
But landlords will still retain the right to evict him via a proper eviction process.
Depending on local laws, landlords might be able to collect a rental considerably higher than the rent amount stated in the lease that has expired.