A Renewal Lease Agreement is a contract between a landlord and tenant that modifies the terms of an existing lease agreement. This type of agreement typically allows the tenant to continue renting the property for an extended period of time, usually at a negotiated rate. It is a way for both parties to update the terms of their original agreement without having to sign a whole new lease agreement. With a Renewal Lease Agreement, landlords can be sure that they are getting a fair market price for their rental property while tenants can enjoy the stability of not having to look for a new place to live every year.