Lease Renewal Agreement

Lease Renewal

The lease renewal agreement is a convenient way to formalize the extension of the original rental term.

It may be stipulated in the original agreement that the lease shall be automatically renewed after the initial term, on a month to month basis and under the same conditions. The landlord could include a provision for annual escalation in the rent.

The tenant and landlord my prefer to have an agreement for another year, as opposed to the month to month arrangement. The lease renewal agreement negates the need to prepare a whole new document, whilst allowing for amendments to the original agreement.

Tenants invariably anticipate an annual increase in rent. The property owner should increase the rent regularly by relatively small amounts and keep the rental market related, rather than implementing a big increase after a couple of years. The landlord must also decide whether an increased security deposit should be stipulated in the lease renewal and which other amendments must be provided for.

Rent stabilized properties have restrictions, procedures and state specified forms. Consult with legal counsel to advise on specific laws in your area.

Lease Renewal

1. THE PARTIES TO THIS LEASE RENEWAL ARE:

1.1 THE LANDLORD:

Full Names:

Identity / Social Security or Other (Specify) number:

1.2 THE TENANT:

Full Names:

Identity / Social Security or Other (Specify) number:

2. THE PREMISES:

Physical Address:

3. ORIGINAL AGREEMENT:

Whereas the Landlord and Tenant entered into a lease agreement which started on the ________day of ________________________20____ and expires on the __________day of ________________________20____ (hereinafter referred to as the "Original Agreement").

4. RENEWAL TERM:

The Landlord and Tenant hereby agree to renew the Original Agreement for a further term of ___________ year(s) commencing on the ___________day of____________________20____ and ending at midnight on the ___________day of ______________________20____ (hereinafter referred to as the "Renewal Term").

5. TERMS AND CONDITIONS:

The Landlord and Tenant agree that all the terms and conditions of the Original Agreement shall remain in full force and effect, except for the following amendments:

5.1 The monthly rental during the Renewal Term is an amount of ____________ (in words: ________________________________________).

5.2 An additional security deposit of ___________ (in words: __________________________________) shall be payable within five days of commencement of the Renewal Term.

Signed at ______________________on this ______day of _________________20____

LANDLORD: _____________________________

WITNESS 1: _____________________________

WITNESS 2: _____________________________

Signed at ______________________on this ______day of _________________20____

TENANT: _____________________________

WITNESS 1: _____________________________

WITNESS 2: _____________________________

A rental application form, rental agreement and guarantor agreement is available from our Free Real Estate Contracts Forms page.

Return from Lease Renewal to Free Legal Documents

Before using our sample renewal agreement you need to confirm the timing determined by law to issue notice of renewal to the tenant e.g. between 90 and 150 days before expiry of the current lease.