Renewals

Renewals are the process of offering an existing resident a new lease term before their current lease expires. In multifamily operations, the workflow typically includes sending approved renewal offers, following up with undecided residents, handling negotiation requests, completing lease documents, and confirming the new term. Renewals are distinct from new leases because the resident already has a payment history, service experience, and likelihood of staying that operators can use to guide retention efforts.

A community identifies that a resident’s lease expires in 90 days, sends approved renewal options with 6-, 9-, and 12-month terms, follows up if the resident does not respond, escalates a request for a lower rate to the onsite team, and then sends signing instructions once the resident accepts.

Renewals help operations leaders reduce vacancy loss, improve revenue forecasting, and stabilize portfolio performance. A clear renewal process also makes retention more proactive by ensuring offers, reminders, negotiations, signatures, and records are handled consistently across communities.