A contractual right granted to the tenant to extend the lease term for an additional period at terms specified in the option provision, typically exercised by written notice within a defined window before expiration.
Renewal options are one of the most valuable tenant rights in a lease. Key parameters include: the option term length, the number of options, the rent determination method (fixed rent, fair market value, or CPI-based), any caps or floors on market rent resets, and the notice deadline. Missing the notice window — which can be as short as 6 months before expiration — typically forfeits the option forever. Some leases require the tenant to be in good standing (no uncured defaults) at the time of exercise. Lease abstracts must flag the notice deadline as a critical date for timely action.
Lextract extracts these fields directly from your lease PDF:
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