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It is important to understand the difference between a lease renewal and a lease extension. A renewal involves creating an entirely new lease agreement. This means all terms are potentially on the table for negotiation, not just the rent. The landlord may wish to introduce new rules or alter existing clauses. A lease extension, on the other hand, is typically a shorter, simpler document that keeps the original lease in full force and effect but extends its end date. For tenants who are happy with their current terms, an extension is often preferable.
If no new agreement is signed, what happens next depends on the original lease and local laws. In many cases, the lease automatically converts to a periodic tenancy, usually month-to-month. This provides flexibility but also reduces security, as either party can typically terminate the agreement with a much shorter notice period, often 30 days. For tenants seeking long-term stability, securing a new fixed-term lease is always the better option. Every step of the renewal negotiation should be documented in writing to avoid future misunderstandings.
The specific notice periods and the default status of a lease after its term expires are governed by the statutory laws of the relevant jurisdiction. For instance, landlord-tenant acts in many states in the U.S. define the legal requirements for raising rent and terminating a tenancy.