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To extend or to renew?

This question is from Samara (paraphrased to suit this format):

My fixed-term tenancy is about to end next month. The landlord asked me if I want to extend or renew the tenancy agreement. What are the differences between the two? 

An extension kicks out the expiry of the agreement to a future date whereas a renewal is a new contract binding you and the landlord into a new fixed-term tenancy agreement. Some practical matters for both parties to consider:

EXTENSIONRENEWALNEW FIXED-TERM
NOTICEWritten notice to the landlord at least 28 days before expiry (assuming agreement contains a right to extend and absent a mutual agreement) Written notice to the landlord at least 28 days before expiry (assuming agreement contains a right to renew and absent a mutual agreement) N/A
TERM=/≠ original agreement = original agreement =/≠ original agreement
DOCUMENTATIONRecord (in writing) and sign the extension either as an agreement or extend or variation to the original agreementRecord (in writing) and sign the renewal either as an agreement to renew or a tenancy agreementSign a new tenancy agreement
RENT INCREASEOnly if there is a rent increase provision in the agreement and s24 rules are followed otherwise no rent increaseOnly if there is a rent increase provision in the agreement and s24 rules are followed otherwise no rent increaseThe landlord can set new/higher rent
HHS ENTITLEMENTSIf the agreement predates 1 July 2021 then the property does not need to comply with the HHS until 2024 (assuming no new agreement is entered into between now and then)Property has to comply with HHS within 90 days of renewalProperty has to comply with HHS within 90 days of the new tenancy

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