Understanding Lease Renewal Agreements

A lease renewal agreement is a crucial document that allows landlords and tenants to extend the terms of an existing lease. This agreement helps maintain the continuity of the rental relationship and can outline any changes in terms, such as rent adjustments or updates to property rules. Below are three practical examples of lease renewal agreements that can serve as templates for your own use.

Example 1: Residential Lease Renewal Agreement

In this example, a residential tenant wishes to extend their lease after the initial term has expired. This template is ideal for landlords looking to keep good tenants while formalizing the lease extension.

This Lease Renewal Agreement is made on [Date], between [Landlord’s Name], hereafter referred to as the “Landlord,” and [Tenant’s Name], hereafter referred to as the “Tenant.” The parties hereby agree to renew the existing lease dated [Original Lease Date] for the property located at [Property Address].

1. New Lease Term: The lease will be renewed for a period of [X months/years], commencing on [Start Date] and expiring on [End Date].
2. Rent: The monthly rent shall be adjusted to [$New Rent Amount], payable on the first day of each month.
3. Security Deposit: The security deposit shall remain at [$Deposit Amount] and will be retained under the terms outlined in the original lease agreement.
4. Other Terms: All other terms and conditions of the original lease shall remain in effect unless modified herein.

Both parties acknowledge that they have read and understood this renewal agreement and agree to its terms.

Signatures:
Landlord: _________________________
Tenant: _________________________
Date: _________________________

Notes:

• This template can be customized to include specific clauses related to amenities or additional responsibilities.

Example 2: Commercial Lease Renewal Agreement

This example is tailored for business owners extending their commercial lease. It is particularly useful for landlords managing retail or office spaces who are looking to retain tenants.

This Commercial Lease Renewal Agreement is entered into on [Date], by and between [Landlord’s Company Name] and [Tenant’s Company Name]. The parties agree to renew the lease originally signed on [Original Lease Date] for the premises located at [Commercial Property Address].

1. Renewal Term: The lease will be renewed for [X years], beginning on [Start Date] and concluding on [End Date].
2. Rent Adjustment: The monthly rent shall be increased to [$New Rent Amount] as of [Effective Date].
3. Additional Charges: Tenant agrees to maintain responsibility for additional charges such as utilities and maintenance as per the original agreement.
4. Modification of Terms: Any modifications to the original lease terms must be mutually agreed upon in writing.

The undersigned hereby agree to the terms set forth in this Commercial Lease Renewal Agreement.

Signatures:
Landlord: _________________________
Tenant: _________________________
Date: _________________________

Notes:

• Consider including a clause for automatic renewal to simplify future extensions.

Example 3: Month-to-Month Lease Renewal Agreement

This example is ideal for situations where tenants and landlords prefer a flexible arrangement. This type of lease renewal agreement allows for easy adjustments without being locked into a long-term commitment.

This Month-to-Month Lease Renewal Agreement is made as of [Date], between [Landlord’s Name] and [Tenant’s Name]. The parties agree to extend the existing lease for the property located at [Property Address] on a month-to-month basis.

1. Renewal Terms: This lease will renew on a month-to-month basis starting from [Start Date].
2. Rent: The rent will remain at [$Current Rent Amount], due on the first of each month.
3. Termination Notice: Either party may terminate this agreement by providing [X days] written notice to the other party.
4. Other Conditions: All other terms from the original lease will continue to apply.

By signing below, the parties acknowledge their agreement to the terms of this Month-to-Month Lease Renewal Agreement.

Signatures:
Landlord: _________________________
Tenant: _________________________
Date: _________________________

Notes:

• This agreement is particularly useful for tenants who may need to relocate or for landlords looking for flexibility in leasing arrangements.