College Student Rental Lease Renewals

[Richard Mercurio]

I signed my first student rental lease in May 31 2018 , immediately after i purchased the property. The lease is up this May 31 2019.  My hope is to resign with the existing students, all sophomores.  How and when should I approach the renewal, I want to lock in the new lease (formal agreement, not just a verbal they can then change there mind at the 19th hour) as soon as possible, and do i execute a new lease with a new first month rent and security deposit.  Any advise is appreciated.