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.

 
 
 
 
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