Renewal Offer
The proposed terms sent to a tenant before renewal.
Definition
Renewal Offer is The proposed terms sent to a tenant before renewal. In day-to-day operations, it matters when an active lease is getting close to expiry and the manager has to test new terms with the current resident.
Operationally, it matters because slow decisions here turn a retention opportunity into avoidable vacancy and turn cost. The conversation usually touches pricing, notice timing, and the next occupancy forecast.
Use cases
Use Renewal Offer to prepare the next offer while there is still time to re-lease the unit if the resident declines.
Review Renewal Offer when the team needs to explain whether retaining the current resident is stronger than reopening marketing.
Track Renewal Offer so operations can tie expiration dates, notice windows, and occupancy planning together.