With the rapid development of urbanization worldwide, there is a large volume of neighborhoods that need to be renewed with various problems such as poor building performance, few public facilities, congested road traffic, unequal living standards, disappearing community culture, and deprived environments. Performance evaluations are considered to be useful tools for ensuring the outcomes of sustainable renewal. Although many research works have assessed the performances of urban renewal projects, evaluations, especially for neighborhood renewal projects, are often overlooked. Besides, it is also hard to find a general standard that is suitable for evaluating the performance of any neighborhood renewal project with a lack of related regulations or codes. Thus, this paper intends to build a framework to assess the relative performances of multiple neighborhood renewal projects through a hybrid AHP-TOPSIS method. A case study in Nanjing, China, is used to show how this framework could be applied to decision-making in order to pursue sustainable neighborhood renewal. The results are expected to provide references for sustainable renewal in each neighborhood. Suggestions related to the findings are proposed to further improve the performances of neighborhood renewal projects, such as establishing a multiple principle-agent framework, providing a sustainable funding system from both the public and private sector, and implementing multiprogram management measures.