Property Management
What is 'lease renewal' versus 'lease extension' and how do they differ in Nevada practice?
AThey are identical terms in Nevada property management
BA lease renewal creates a new lease agreement (potentially with different terms) for a new period; a lease extension simply extends the existing lease for an additional period under the same terms — both require documentation and mutual agreement✓ Correct
CLease renewals require NRED approval in Nevada
DNevada law automatically renews all leases if the tenant remains in possession
Explanation
A lease renewal typically creates a new agreement — giving both parties opportunity to negotiate updated terms (rent increases, updated rules). A lease extension uses an amendment to extend the current lease period under existing terms. Both require written documentation in Nevada. In Nevada's rising rental market, renewals are opportunities to reset rent to current market rates. Property managers should give tenants proper advance notice (per lease terms or NRS 118A) before a lease expires regarding renewal options.
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