It’s finally being rolled out! The ability to change URL names! Yay. There are a few catches though, here’s an edited extract taken from Microsoft Docs :

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As a global or SharePoint admin in your organization, you can change the URL for the following types of sites (previously called “site collections”):

• Office 365 group-connected team sites
• Modern team sites that don’t belong to an Office 365 group
• Communication sites
• Classic team sites

You can change only the address of the site within the URL, for example:

yourcompanyname.sharepoint.com/sites/projectx to yourcompanyname.sharepoint.com/sites/projecty

It can take about 10 minutes to change the site address (depending on the size of the site), and the site will be read-only during this time. We recommend changing addresses during times when site usage is low. For this preview, you can change the address of up to 100 sites at a time. To change an additional site address, wait for another change to finish.

Communicate the address change to users

Before you change the address of a site, it’s important to communicate the change to site users (generally anyone with the ability to edit or view the site). This can help reduce user confusion and calls to your help desk. Review the effects of changing a site address below and let users know the following information:

• When the change will happen
• What the new URL will be
• Users should close their files and not make edits during the address change
• Users should check the site recycle bin to make sure it contains no files they want to keep
• File permissions and sharing won’t change

Change a site address in the new SharePoint Admin Centre

1. Go to the modern SharePoint Admin Centre.
2. In the left pane of the new SharePoint admin center, select Active sites.
3. Click the site name to open the details pane.
4. In the Properties list, next to URL, select Edit.
5. Enter the new site address, and then select Save.

Note : You can’t change the address of hub sites, sites that are locked or on hold, or of sites that have BCS connections.

Effects of changing a site address

While the change is in progress, the site is set to read-only, and a redirect is created. After the change is complete, users are redirected to the new URL if they’ve saved the site as a favorite or if they click a link to the site.

Permissions
People who have permission to access the site can access the site during and after the site address change.

Sharing links
After the site address is changed, sharing links will automatically redirect to the new URL.

Synced locations
The OneDrive sync app will automatically detect and seamlessly transfer syncing to the new site URL after the site address has been changed. Users don’t need to sign in again or take any other action. (Version 17.3.6943.0625 or later of the sync app required.) If a user updates a file while the site address is being changed, they’ll see a message that file uploads are pending during the change.

Recycle bin 
Any files in the recycle bin will be lost when the site address is changed.

Recent lists in Office apps
The Word, Excel, and PowerPoint desktop apps and apps for the web will show the new URL after the change.

OneNote
If users have a notebook open during the site address change, they’ll see a notebook sync error. After the address is changed, the following OneNote apps will automatically detect and seamlessly sync notebooks to the new site URL:

• OneNote desktop app – Version 16.0.8326.2096 and later
• OneNote for Windows 10 – Version 16.0.8431.1006 and later
• OneNote mobile app – Version 16.0.8431.1011 and later

Users don’t need to sign in again or take any other action.

Teams (for Office 365 group-connected sites)
After the site address is changed, users won’t be able to view the team’s files within the Teams app, but they can access them from Teams by selecting Open in SharePoint.

SharePoint mobile apps for Android and iOS
The SharePoint mobile apps will detect the site’s new URL. Make sure that users have updated their apps to the latest version.

Apps
If apps in your organization refer to the site’s URL, you might need to republish the apps when you change the site’s address.

Flow
Flows will need to be recreated after the site address change.

PowerApps
PowerApps will need to be recreated after the site address change.

Hub sites
If the site is associated with a hub, it will need to be reassociated after the site address is changed.

InfoPath forms
InfoPath forms that refer to URLs might not work after the site address is changed.

SharePoint workflow 2013
SharePoint workflow 2013 will need to be re-published after the site address is changed.

Site customizations and embedded code
Site customizations and embedded code that refer to URLs might need to be fixed after the site address change. Changing the site address will preserve data stored in SharePoint but won’t change URL dependencies in custom solutions.