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Lease Renewal Agreement

This Agreement is entered by and between Jonas Adam, individually or collectively as the "Signee" and Jane Smith, as the "Signer", together referred to as the "Parties".
The Contract is dated [the date both parties sign].

1. Agreement terms

The Parties agree that the following agreement is dependent on the terms presented as follow:

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Lease Renewal Agreement

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What is a Lease Renewal Agreement?

A Lease Renewal Agreements is a contract that will extend your lease for an additional amount of time when it is expiring. These forms are useful when a tenant and landlord want to continue the rental agreement together. These allow you to continue your relationship while making a few changes to rental terms formalized and getting them on record. 

A lot of rental apartments make beautiful living spaces for people who do not want to own homes. (Source)

Lease renewals are perfect in situations where you want to allow your tenant to extend their lease, or for when a renter you like has asked to extend their lease agreement. Although there is legal room for an automatic month to month agreement after a lease expires, a long term agreement may benefit both parties. This allows for time to discuss repairs, changes to rent, and new policies that are enacted. If the landlord or tenant decide not to extend or renew the sublease, then it's best to use a notice of intent to vacate to give formal notice of the end of the rental period. If the lease is ended and not extended, then ensure the security deposit return is formalized in a letter as well.

These agreements are also known as Residential Lease Renewal Agreements, Lease Renewal Forms, Lease Extension Forms, and Lease Renewal Letters. The letter is a great way to notify a tenet that their lease is coming to an end if you want to discuss a renewal. 

What do I need to include in a Lease Renewal Agreement?

Our sample Lease Renewal Agreement template contains all the necessary information and basics that you will need, but if you want to go into more detail and customize your template fully, here are some things to include.

Make sure that both the landlord and renter's names and contact information are included. You also need to state the address of the property that is being rented. You should reference the original lease, and detail that this is an extension of that lease. If there are any changes or new terms, then you will need to state anything that differs from the original rental agreement's terms. Finally, include a date and signatures from both parties.

Essentially, this document should include contact information from both parties, the property details, the name and date of the original sublease agreement, the terms and timeframe of the extension you’re making, the amount of rent that will be charged each month, the full force and effect clause (a statement that, aside form specifically detailed changes, the original lease agreement will otherwise remain in full force and effect), the laws that will govern the agreement, and both signatures. If the parties are not in the same location, you will also need counterparts for signatures. 

If you've created a separate roommate agreement, note that the lease renewal agreement is usually separate from that.

What happens if I don’t use a Lease Renewal Agreement?

In the best case scenario, nothing happens. You continue to rent from your landlord on a month to month basis under the same terms as your original lease. As a best case, this relationship will remain entirely the same.

Positive relationships between landlord and tenets can benefit from a Lease Renewal Agreement! (Source)

That being said, month to month leases leave a lot more room for changes that you don't necessarily agree to. Landlords can negotiate for higher rent each month. They may undertake this action out of fear because under a month to month leases, your landlord can never be certain of when you might move out of the complex and leave them with an unexpected vacancy.

This is also bad for a tent because they will forfeit their ability to negotiate when repairs need to be made and are also never certain of whether a landlord will deliver a 30-day notice forcing them to move away before they want to in favor of a guaranteed, long term renter. 

The agreement may also save you time and money. Landlords won't have to market your vacant property, pay to clean, make repairs, or renovate. They will also be assured that there isn't a lapse in the lease between renters.

Tenets won’t have to hunt for a new apartment, pay to move everything, and possibly pay double the rent between move-ins because of both leases being in effect. This is essentially a great way to keep a good situation going when both parties are happy.

For landlords, if you don’t have a Lease Renewal Agreement, you may end up losing money. The property may stay vacant for long periods of time, where you aren’t making money on the rent. You will have to pay to repaint the property and make repairs and pay additional money to list t and market the vacancy. 

You will also lose time showing the property to dozens of prospective tenets. More time and effort will be spent screening the applicants before choosing one to rent to.  Even if you do keep the same tenet, you will spend tons of time renegotiating the lease agreement’s new terms. Finally, you will endure a lot of stress having to get the property ready for new tenets to move in, and you won’t be sure whether the new tenet will be as reliable as the current one. 

Tenets could also lose a lot of money. If they have to move, they will be responsible for paying moving costs, which can include movers, renters, a truck, and a security deposit on the new place. During the overlap after the 30-day requirement, they will also have to pay double in rent, because they’re paying for both properties. If they go through a broker, additional fees apply, and even if they don’t they still have to pay application fees to the new place. 

They will also lose time having to hunt for a new place to rent. They will need to renegotiate the lease agreement if they end up staying, and they will spend tons of time packing and moving if they go. Finally, they will also have a lot of stress. They’ll need to get used to a new neighborhood, learn new commutes to and from work, and won’t know whether they’ve made a good choice with their landlord. 

When should I prepare a Lease Renewal Agreement?

It is really quick and easy to work from a sample Lease Renewal Agreement template like ours, but you do want to work one up with enough time to negotiate new terms and get everything signed smoothly.

If your agreement is expiring soon, then you will want to consider the Lease Renewal Agreement as a quick and easy method of ensuring that your sublease agreement gets extended. Some Lease Agreements even come with an option to renew clause that allows the tenet to automatically extend the term of their lease in lieu of the landlord pushing them out in favor of new tenets. 

When there is a healthy relationship between a landlord and their tenet, Lease Renewal Agreements are quick and painless ways to ensure a mutually beneficial relationship and can be signed less than a week before the lease expires. Still, it is a good call to have this ready in lieu of 30 days’ notice. If the landlord or subtenant are considering ending the lease, then it is best to use a notice of intent to vacate to formalize that. Consider implementing this at that time. If you are a landlord ho likes the tenet, offer them a Lease Renewal Agreement along with their letter informing them that their agreement is coming to an end. If you’re a tenet, instead of offering a 30 days’ notice when you are coming to the end of your lease, consider offering this instead.

If either of you has some terms you’d like to discuss or adjust, leave enough time to negotiate. A lot of people like to change the monthly rent, negotiate for newer appliances when old ones occur, or even negotiate the pet policy to allow the adoption of an animal.