Your tenant wants to stay. You want them to stay. Everyone’s happy – until the boiler breaks, the rent’s overdue, or a pet shows up uninvited… all because the lease renewal was slapped together like an afterthought.
Lease renewals aren’t just housekeeping. They’re your chance to update rent, tighten responsibilities, adjust for market shifts, and avoid messy surprises.
A well-crafted lease renewal keeps the peace and keeps things profitable, without the future headaches.
How do you pull it off? Let’s go through what to include in a Memphis lease renewal agreement.
1. Updated Rent Terms: Rental Agreement Tips
Rent is never just a number. It’s a reflection of market trends and your position as a landlord. When drafting a lease renewal agreement, updating the rent terms is the first and most noticeable shift your tenant will see.
If you’re increasing rent, the new rate should be clearly stated, along with the date it takes effect. Even if you’re keeping the rent steady, include the figure again to reaffirm expectations and avoid disputes, ensuring you get the most out of your lease agreement.
An important piece of renewal negotiation advice is to provide context. Mention whether the adjustment aligns with local market rates, covers increased property taxes, or reflects recent upgrades to the unit. This isn’t about justifying the increase- it’s about transparency. Tenants are far more likely to accept changes when they understand the “why” behind them.
If you’re rewarding loyalty or trying to keep a reliable tenant, consider lease extension benefits like a rent freeze for early renewal or a slight discount for signing a longer lease. These tactics can reduce turnover, which saves you time, money, and energy.
2. Lease Duration
The renewal agreement should clearly state the new lease duration.
In Memphis, where rental demand and property values can shift with the season or the neighborhood, the lease duration gives you leverage. A longer lease might offer stability during slower rental months, while a shorter one gives you agility if you’re planning to:
- Sell
- Renovate
- Reevaluate rent pricing
Think about your property’s trajectory, not just the tenant’s preferences.
Make sure to include both the start and end dates in the renewal. It’s surprising how often landlords overlook this, which opens the door for confusion down the road. If there’s a rollover clause, spell that out too. No ambiguity means no surprises.
3. New Rules or Policy Changes
If anything about how you manage the property has changed, this is your official window to roll out new rules or policies.
Pet policies are a prime example of where things shift. Maybe you used to allow dogs of any size and now you’re capping the weight or breed due to noise complaints or liability risks. Or you’re adding a pet fee where there wasn’t one before.
Don’t assume tenants will remember details from a years-old welcome packet. The renewal agreement is where clarity beats assumption, every time.
Technology or amenity upgrades can also come with new expectations. If you’ve added smart locks, cameras, or upgraded appliances, your lease should reflect who’s responsible for maintenance, what’s allowed to be modified, and how access is handled. New tech means new rules, and the lease is your legal map.
4. Inspection or Maintenance Requirements
Throughout a lease in Tennessee, small issues tend to surface, like:
- Leaky faucets
- Unchecked HVAC filters
- Neglected gutters
- Dripping outdoor spigots
- Flickering light fixtures
Renewing the lease without addressing how these will be handled in the coming term is a missed opportunity.
If you plan on conducting routine inspections, state it directly in the renewal. Include how much notice will be given, what areas will be inspected, and what the tenant is expected to do to prepare. Tenants are far less likely to push back on inspections when it’s already built into the agreement they’ve signed.
Maintenance expectations should also be clarified. Are tenants responsible for replacing air filters or handling basic lawn care? Is there a new requirement to notify you immediately of water damage or pest sightings? If it’s not written down, you’re depending on memory and goodwill.
5. Updated Contact or Payment Info
Nothing derails a smooth operation like a rent check mailed to the wrong address or a maintenance request sent to a dead email inbox.
If you’ve changed bank accounts, switched to an online rent payment system, or partnered with a new property management company, this is where you lock that in. Specify exactly how rent should be paid. Even if nothing has changed, reiterating it in writing removes all doubt.
If your contact number, email, or mailing address has changed, make it official in the lease renewal. The last thing you want is an emergency text going to a disconnected number while a pipe bursts in the kitchen.
6. Signatures
Without signatures, a lease renewal isn’t worth the paper it’s printed on. This is the moment where everything you’ve updated gets locked in as legally binding. Don’t treat it like a formality. The signature section is your seal of clarity and enforceability, and without it, you’re standing on shaky legal ground if things ever go south.
Both landlord and tenant need to sign and date the renewal, and it should be clear exactly what they’re agreeing to. Include a statement confirming that, aside from the updated terms outlined in the renewal, all other terms from the original lease still apply. This keeps the agreement anchored and prevents arguments over what’s in play and what’s not.
Lease Renewal Agreement: Get Prepared
There’s so much to consider when you’re drafting a lease renewal agreement. Hopefully, with this guide, you should have a much easier time putting together paperwork that suits you and your tenants.
Thinking about lease renewals at your Memphis property? At Reedy & Company, we make it easy to keep great tenants and protect your investment. With over 3,500 properties under management and a deep bench of in-house experts – from leasing to legal – we don’t just process paperwork, we craft renewal strategies that maximize ROI.
Contact us today for the support you need.
