If your lease expires at the end of July, LL did give you timely notice of renewal, at least 120 days prior to expiration. You have up to 60 days to accept the offer and if you don't accept, LL may refuse to renew the lease and may proceed in court to have you evicted, which is not a good thing if you later decide you want to stay. In this case, it seems the LL is playing fair and giving you adequate time to decide what to do. You have to remember that LL is losing potential rental income holding the apt(s) vacant to either renovate them first or just rent them out as is.
If you don't sign the lease by the renewal date, you will lose the apartment. You can't decide to sign the renewel at any time you wish, there are rules in place that you must abide by.