What is the purpose of utilizing the renew market leasing profile terms in contract renewal?

The purpose of utilizing the renew market leasing profile terms in contract renewal is to reflect market trends for renewal. When leases are renewed, it's essential to incorporate current market conditions and trends to ensure that the terms are aligned with what is prevailing in the market. This means considering factors such as changes in rental rates, lease lengths, and other relevant terms that have evolved since the initial lease was established.

By doing so, property managers and landlords can make informed decisions that not only increase their chances of retaining tenants but also optimize their rental income to match the current economic environment. This approach enables them to adapt the lease terms to better meet market demands and the tenants’ expectations, ultimately leading to a more effective leasing strategy.