What is the right called when a tenant has the opportunity to meet terms offered by a new tenant upon lease expiration?

The right referred to in the question is known as the right of first refusal. This right allows an existing tenant the opportunity to match the terms offered by a prospective new tenant when the tenant's lease is set to expire or when the leased property becomes available for rent again. Essentially, it provides the current tenant with a priority option to extend their lease under the same terms before the landlord can lease the property to someone else.

This concept benefits tenants by granting them the chance to remain in their current rental space rather than risking relocation. Furthermore, it ensures that landlords have a reliable way to fill vacancies while maintaining a good relationship with existing tenants. The specificity of this right helps clarify the relationship between the tenant and landlord regarding lease renewals and expirations.

In contrast, the other choices do not accurately describe this situation. The option to renew typically allows a tenant to extend their lease under predetermined conditions, but it does not require the tenant to match a new tenant's offer. A sublease right pertains to a tenant’s ability to lease the property to another party, which is unrelated to meeting terms of a new tenant. A tenancy agreement simply refers to the overall contract between a landlord and a tenant regarding the lease of property without the specific right of first refusal context