A renewal lease is a type of agreement between a tenant and a landlord that allows the tenant to extend their tenancy for an additional period. This can be done with or without changes to the original lease agreement, including rent increases or changes in the duration of the lease. Renewal leases provide a way for tenants to stay in the same place longer while providing a steady rental income for landlords. With a renewal lease, both parties benefit – the tenant gets to keep their home while avoiding the hassle of moving, while the landlord gets the assurance of knowing they’ll get timely rent payments each month.