A tenant renewal is the best case scenario because it saves owners money vs re-leasing and avoids gaps in income. This also means we have a happy tenant! AAM will charge 10% of rent for renewal in year 1, 15% if they renew in year 2, and 20% if they renew years 3 or after. The escalating scale rewards AAM for getting good paying long term tenants while still making it very economical for owners.