This is the only answer that comes to mind, since there is no other context. The sentence could read: "The tenancy is a time-measured rental" which I believe means, the term of the let is measured from the commencement of the tenancy for a certain period, on expiry of which, terms may be renegotiated and/or rent increased. for, example, in UK, rental agreements are signed based on a minimum period of tenancy (term) e.g. 2 years, while in Italy, letting agreements come in different forms, such as 4+4 (i.e. 4 years plus renewable further 4 years) or 3+2 (3 year lease plus 2 further years).
Hope this helps.