Renewal Costs or Renewal Fees refer to the annual payment required to retain the registration of a domain name. When you register a domain name, you essentially lease it for a specific period, commonly one year, though some registrars offer the option to secure the domain for multiple years upfront. To maintain ownership and ensure the domain remains registered under your name, you must pay a renewal fee before the end of each registration period.
If the renewal fee is not paid by the expiration date, the domain may enter a grace period during which the original owner can still renew it, usually at the standard renewal fee rate. Following this grace period, if the domain remains unrenewed, it may be released for registration by the general public or auctioned off. The renewal fee is crucial for businesses and individuals who wish to keep their online presence consistent and prevent their domain from being acquired by someone else.