What does a "renewal option" in a lease allow the tenant to do?

A "renewal option" in a lease specifically allows the tenant to extend the lease for an additional period upon expiration of the current lease term. This option is beneficial for tenants because it provides them with the ability to continue occupying the premises without having to renegotiate entirely new lease terms, assuming they exercise the option within the guidelines specified in the lease agreement.

This feature is often included to provide security and stability for tenants who may wish to remain in a location without interruption. The option usually specifies the conditions under which it can be exercised, such as notifying the landlord within a certain timeframe before the lease terminates.

The other choices do not accurately describe the function of a renewal option. For instance, terminating the lease at any time or acquiring additional space is not part of a renewal option's purpose, as these actions pertain to different terms and negotiations within the lease agreement. Buying the property before expiration is also unrelated to the renewal option, which strictly pertains to extending existing lease terms.