When do tenants sign lease renewal?

[Matt M.]

My first two properties are coming up on the end of their initial 1 year lease date. Thankfully both tenants have turned in their 60 day notice indicating they wish to renew for another year. After researching lease addendum's vs signing a new lease I believe I would rather sign a new lease to allow me a chance to improve upon my existing lease. My question is when do we sign the new lease seeing as there are 60 days left in their current lease?