What is the process of lease renewal?

The process of lease renewal primarily involves agreeing to extend an existing lease agreement between the landlord and the tenant. This typically occurs before the current lease expires, where both parties discuss and negotiate the terms of the continuation, which may include the duration of the lease, any potential adjustments to the rent, or modifications of other terms based on the needs or conditions of both the landlord and tenant.

Renewal can be viewed as a continuation of the original lease, wherein the tenant retains the right to occupy the property, and the landlord commits to maintaining the same contractual relationship. This process stands in contrast to other lease-related actions such as transferring a lease to a new tenant or implementing entirely new terms, which constitute different kinds of lease modifications or agreements. Thus, the correct choice accurately captures the essence of lease renewal, highlighting the ongoing nature of the relationship rather than introducing new elements or concluding the tenancy prematurely.