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Renewing a lease can be a nerve-wracking process for both tenants and landlords. Understanding the policies surrounding lease renewals is crucial to ensure a smooth transition and avoid any surprises. This article will delve into the nitty-gritty of lease renewal policies, including potential rent increases and changes in terms. Let’s unravel the mysteries together! Understanding Lease Renewal Policies Definition of Lease Renewal Lease renewal is the process by which a tenant extends their stay in a rental property under a new agreement. This can be a straightforward extension of the existing lease or a negotiation of new terms. Typical Lease Terms Lease terms typically range from six months to a year, but they can vary based on the agreement between the landlord and tenant. Upon expiration, the lease can be renewed, renegotiated, or terminated.