What is the expected outcome of a successful lease renewal?

A successful lease renewal typically results in the continuation of the rental agreement for an additional term. This is beneficial not only for the landlord but also for the tenant, as it maintains the stability of the living situation for the tenant while ensuring consistent rental income for the property owner. When a lease is renewed, it often implies that the tenant is satisfied with their living arrangements and is willing to stay, which reduces the time and costs associated with finding a new tenant. This outcome fosters a sense of stability and enables property managers to plan effectively for the future, potentially avoiding the pitfalls that come with tenant turnover, such as vacancies and the costs associated with advertising and showing the unit.