Just found out that Ubuntu 24.04 server doesn’t use dhclient anymore and uses dhcpcd instead for obtaining dhcp address leases.
To renew your dhcp address, do the following:
sudo dhcpcd -k
sudo dhcpcd
That’s it, Enjoy!
Sources:
https://askubuntu.com/questions/1511816/how-to-renew-ip-address-with-ubuntu-24-04