"To renew the lease" means to extend or continue renting a property for a specific period of time after the original lease agreement has expired. Full definition
Last year we didn't renew the lease for the tenant upstairs and we've now built more classrooms upstairs. (remonline.com)
Ultimately, the cable company did not renew the lease. (nar.realtor)
You'll have to update the terms of your lease to match the loan term and ensure that you have the choice to renew your lease on a yearly basis. (valuepenguin.com)