If I release the router and reboot, without doing ipconfig/renew, will it automatically renew itself or will it drop the internet connection via wifi until I manually renew it in cmd? I never tried and can't test it right now since two of my roommates are on the wifi. Just a curiosity thing.
If your wireless adapter is configured to automatically connect to your wireless network when the network is in range, rebooting the router will produce the same result as a manual ipconfig release and renew.
Then you don't need to reboot the router. The computer will do it automatically when it loads the driver for the network adapter and pings the DHCP server in the router for an IP address. This happens on every single reboot of your computer.
Releasing the IP address is not the same as "turning the network off". The network will be active as long as the router is on. In other words, if you release/renew your IP address or even if you turn your computer off, other computers will still be able to use the network (assuming that they can meet whatever security protocols you've enabled).