Rent to Own
The New York Times ran another article on rent-to-own, a viable and increasingly popular option for both renters and owners of apartments in New York.
For those of you unfamiliar with the concept, renting-to-own works just like leasing a vehicle:it allows potential owners to "test-drive" their New York apartments before committing to buy.If the tenant decides to buy, all or most of the paid rent goes toward the mortgage.
Since the economic downturn, the rent-to-own option has provided a bit of much-needed stability to the New York housing market, filling vacancies in, say, Upper West Side condominiums at a time when many are understandably unwilling to commit to own.And with market rent rates in Manhattan remaining high, renting-to-own can be a great investment towards owning a chunk of prime New York real estate.
For those of you unfamiliar with the concept, renting-to-own works just like leasing a vehicle:it allows potential owners to "test-drive" their New York apartments before committing to buy.If the tenant decides to buy, all or most of the paid rent goes toward the mortgage.
Since the economic downturn, the rent-to-own option has provided a bit of much-needed stability to the New York housing market, filling vacancies in, say, Upper West Side condominiums at a time when many are understandably unwilling to commit to own.And with market rent rates in Manhattan remaining high, renting-to-own can be a great investment towards owning a chunk of prime New York real estate.
posted by moving-to-nyc at
12:24 PM
8 Comments:
This post has been removed by the author.
This post has been removed by the author.
Websites like http://www.iRentToOwn.com are providing a tremendous amount of buyer and seller interaction across the New York City real estate spectrum.
good article. this is a great option to have given the state of the economy, but you really do need the right broker! i suggest trying a broker referral service, i.e. new york rent club.
This post has been removed by the author.
This post has been removed by the author.
This is very insightful info & since I have a niece moving to NYC this spring, I am sure she will find this very helpful..thanks
My fiance and I are in the early stages of moving to nyc. What advice do you have for us, such as what does a broker do and how much does it cost? Where I live we don't have brokers for rental properties. Thank you.
Post a Comment
<< Home