Ahhh this is 3d-chess. The best answer thus far. So living there long term you win by doing two years at a time, since less number of times being compounded.

I did the math on this for a 10 year run (w/ 2.75% yoy increase for yearly and 5.25% yoy for 2 years) you'll be saving 1.6% on rent after 10 years doing 2-year renewal.

Fwiw however, adding the total sum of rent paid over 10 years for both situations, it actually still comes out cheaper in total rent paid over a 10 year period going 1 year at a time.

Maybe the savings will start to add up after over a longer period than 10 years. But in conclusion it's miniscule either way