This article intends to explore the relationship between liquidity constraints faced by households and their participation in the tenancy market, using original data from Madagascar and a combination of qualitative and quantitative analysis. By showing how households combine credit and land inputs in their strategies and behavior, the paper intends to bridge gaps between the often disconnected strands of literature dealing with credit on the one side, land markets on the other side. Our results show that liquidity constraints play a role both on the supply and on the demand side. On the supply side, they contribute to the decision to lease out land, and the nature of the constraint can drive the contractual choice: fixed-rent with ex ante payment in case of immediate need of cash, share-tenancy otherwise... On the demand side, liquidity constraints drive the contractual choice towards share tenancy. As such, share tenancy can be conceived of as a compromise for household who face liquidity constraints on both supply and demand side. Our data also indicate that the level of fixed-rent is substantially lower than the expected value of the share of the production in the case of share tenancy. The difference can be interpreted as a quasi-loan from landowners to tenants, even when landowners are themselves liquidity constrained for the cultivation of their plots.