If I select the monthly option, do I need to renew each month?

Not at all! PayPal will automatically make the deductions for you each month. If you signed up on the 12th of the month, PayPal will automatically take the monthly fee from your account on the 12th of every month. In the instance that there is an issue between your banking institution and PayPal being able to deduct the membership fee, the membership will be suspended by the system and you will need to re-register.