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Ok just tell me
Lets say you make $100k a year but rent a modest cheap flat which has not been rennovated in 20 years. Are you responsible for rennovating it because you can afford it or your landlord who owns it and rents it to you?
It's a flawed analogy because you are talking about a normal rental market where there are many flats and many tenants. But if the flat is up to code, then neither of you is responsible for any renovation. If you as the tenant want a renovation, you can try to negotiate it with your landlord. If the landlord wants to keep you as a tenant or increase their own property value, they may renovate for you. (And probably raise your rent.) If it's a business lease, which would again be a better analogy, you would most likely undertake the renovation yourself, with your landlord's approval, and negotiate some security into your lease arrangement.