It's interesting because it's a term that emerged due to a legal allowance (renovation+eviction: allowance to evict a tenant when major renovations to a building have to be done).
What other legal-derived portmanteaus are there?
There's something human and clever and beautiful in the smart portmanteau in that it just communicates an idea so well.
That's very common word these days at least here in PEI. Kicking people out to "renovate".
It basically means renovate as in sweep the floor and paint a small patch on the wall, done. All so they can kick out the tenant and up the rent 1,000%.