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Prevent interruptions in rental income and protect your legal rights by executing a lease renewal form with your tenants before your current lease agreement expires.
A lease renewal form extends the lease agreement and is customizable to include changes to the original lease, such as increased rent.
Use our lease renewal form to keep good tenants in place when their lease expires.
What is a Lease Renewal?
A lease renewal form extends or renews an existing lease agreement period. Lease renewals may include changes in the original lease terms, such as increased rent.
Why Do You Need a Lease Renewal?
You need a lease renewal if you want to keep an existing tenant whose lease will expire soon.
Renewing the lease rather than letting the tenant default to a month-to-month tenancy, or continue to lease without a written lease agreement, is best in situations where:
- You have a good tenant you want to keep long term
- You want to prevent interruptions in rental income caused by having to find a new tenant
- You want to keep a tenant but you need to increase the rent
When Do You Use a Lease Renewal?
You should use a lease renewal when an existing lease agreement approaches the lease termination date.
Depending on the original lease agreement period, you might want to give your tenant a lease renewal form several months before he or she would normally look for a new place to live.
For one-year leases, landlords usually give renters a lease renewal form about two months before the lease ends. But, when you present a lease renewal can depend on many factors, such as:
- Your market. Each market is unique, and university towns and urban and suburban areas have different lease renewal timelines. Start the process sooner if the property is in a market with a high volume of similar rentals.
- The type of rental. Landlords typically renew commercial leases further in advance than residential contracts.
- The market for your rental. If your rental is unique or appeals to a niche market, you may need to start the process earlier.
What to Include in a Lease Renewal?
A good lease renewal will include several things:
- Identify the original lease. It should refer to the original lease by name, including the landlord and tenant names, the address of the leased premises, and the date of the original lease.
- Incorporate the terms of the original lease. A lease renewal should incorporate the original lease terms and state the terms that change with the renewal.
- State the new period. The new lease contract must include the renewal period.
- Optional changes to terms. You may also choose to change other terms, such as the rent amount.
- Signature block. Finally, the lease renewal should have signature lines for the tenant and landlord.
To ensure you cover all the bases with a lease renewal, create your lease renewal form for professional landlords using our document builder.
How to Write a Lease Renewal Agreement
Follow the steps below to fill out a lease renewal form.
Step 1 – Enter the Agreement Date
Provide the date of the lease renewal.
Step 2 – Fill in Landlord and Tenant Details
Write the full names of the landlord and tenant(s) and their addresses.
Step 3 – Note Original Lease Details
Enter the start and end dates for the original lease agreement, and specify any section of the original agreement that pertains to this contract.
Step 4 – Note Lease Term Specifics
Fill in the start and end dates for this lease renewal, and state the rent and security deposit amounts. Also, note any other provisions for the renewal.
Step 5 – Write Governing State Law
Note which state’s law governs this lease renewal agreement.
Step 6 – Gather Signatures
The landlord and tenant must write their name and include their signatures on the renewal agreement.