With many buyers still gun-shy and credit continuing to be tight, some developers are offering rent-to-own options (75 Wall comes to mind, among others). Developers are offering to apply 100% of rents toward the purchase prices with no up-front fees, giving “buyers” the opportunity to experience homes and neighborhoods without the commitment of a purchase decision.
Tenants can build up down payments and clean up their credit scores to improve their financial situation altogether. Note that contracts usually lock in the price a year in advance, with room for future negotiation at the seller’s discretion. At the end of the year, tenants can walk away from the rent paid, which they do regardless when renting, making it for many an attractive proposition despite the slightly higher-than-market rents.
