Which option describes the right of a tenant to renew a lease after it expires?

The option that describes the right of a tenant to renew a lease after it expires is the "option to renew." This is a specific agreement between the landlord and tenant that grants the tenant the ability to extend the lease for an additional term under agreed-upon conditions. Typically, the lease will outline the duration of the renewal period and any changes in rent or other terms for the new period.

This option provides the tenant with the security of remaining in the property after the initial lease term ends, contingent upon their exercise of this right, often requiring notice to be given within a certain timeframe before the lease's expiration. Having this right is beneficial because it allows tenants to plan for continuity in their living or business arrangements without needing to search for a new location or negotiate a new lease from scratch.

The other options do not represent the same concept of lease renewal. The "right of first refusal" generally allows a tenant the opportunity to purchase the property before it is sold to another buyer, while the "annual review option" would typically pertain to recurring assessments, possibly affecting rent but not directly tied to extending lease terms. An "automatic extension clause" may imply that the lease extends without formal action from the tenant, but it does not convey the tenant's explicit