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I am running a local development instance of SP Server in a VM. Is there any way to renew the eval license?

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Duplicate question –  Louis Apr 2 '12 at 21:58
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2 Answers 2

You should definitively grap a msdn / technet licence for your development environments (it will pay in the long run).

In the meantime, you can backup any relevant web application / site collection / custom development / configuration and then reinstall from scratch the VM and redeploy your backup on it afterward.

Kindly.

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Just to add to Francois' answer. If you do purchase an MSDN license make sure you get one that includes SharePoint (starts with Premium) or that you go with an MSDN Action Pack subscription. If you are going to purchase one soon, you can simply use the key you get with the subscription to activate the server you have been using. msdn.microsoft.com/subscriptions/hh442902.aspx –  Robert Kaucher Apr 3 '12 at 12:50
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I saw the same just a few days ago in a dev environemnt. Solved it by using this method:

http://retrohack.com/sharepoint-2010-trial-period-expired/

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