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Property management glossary
Leasing & residents

Lease renewal

Plain-English definition

An agreement and workflow that extends or replaces an expiring lease for another term.

What lease renewal means in practice

Renewal work starts well before expiration: verify notice deadlines, review performance and market context, decide the offer, communicate, collect signatures, and update the system of record. Local rent-control or notice rules may affect timing and terms.

Example

At 120 days before expiration, the owner reviews the account and property; at 90 days, the resident receives a documented offer.

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This glossary is educational and not legal, tax, lending, or accounting advice. Rules and terminology can vary by jurisdiction and professional context.