The major news stories recently in the cell tower business have focused on the need for thousands of new sites, the ongoing upgrades to 4G, site decommissions, and the sale of leases for billions. There is another major development that is not make news headlines. Thousands of cell site leases will be expiring in the next few years giving landlords a rare opportunity to renegotiate lease terms. Leases executed after 1990 typically have terms of 25 years making them ripe for renewal. This will be the first wave of lease renewals since very few leases were signed in the infancy of mobile wireless in the late 1980s. Property owners with expiring leases should understand the current market rent rates before signing a renewal agreement. Several other issues such as risk management, insurance, access, rights of first refusal, and accurately documenting the lease space should be carefully reviewed. A golden opportunity is coming for many cell site landlords with the new wave of lease renewals. With preparation and care, these landlords can capitalize by securing better lease terms.