Renewal

Glossary

A renewal is when a resident extends an expiring lease, helping multifamily teams improve retention, occupancy, and forecasting.

Definition

A renewal is the process of a current resident choosing to extend their lease instead of moving out at the end of the term. In multifamily operations, renewals typically include sending an offer, following up with the resident, handling any approved changes, completing the lease documents, and recording the final status. Renewal rate measures the share of expiring leases that are renewed rather than vacated.

Example

A resident’s lease expires in 90 days. The property team sends renewal options with new rent and term choices, follows up with reminders, reviews a request for a shorter term, and then prepares the renewal lease for signature once the resident accepts.

Why It Matters?

Renewals help operations leaders protect occupancy, reduce vacancy loss, and forecast upcoming availability more accurately. A consistent renewal process also gives teams earlier visibility into which homes will stay occupied and which may need to be marketed or turned.

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