In order to use autorenewal for certificates used by IIS you need to “Enable Automatic Rebind of Renewed Certificate” in the “Server Certificates” section of IIS.
More information on Certificate Rebind is available here: https://docs.microsoft.com/en-us/iis/get-started/whats-new-in-iis-85/certificate-rebind-in-iis85

But trying to enable that feature may lead to an error when the console is not run with elevated privileges:

Error occured when trying to register automatic rebinding of certificate.
Details: The process creation has been blocked

To resolve this problem close the iis console. Open PowerShell as Administrator and run “C:\Windows\system32\inetsrv\InetMgr.exe”. Now try to enable the feature again.