With unsold condo inventory high in NYC, some sponsors in larger buildings with many units to sell, are offering ‘rent to own’ options to potential buyers.
In NYC, rent to own are basically ‘try before you buy’ programs. They work like this:
You pay rent, if you decide to buy the property within a set period of time, all or a portion of the rent is applied against the purchase price. The rent payment is essentially treated like a down-payment.
Below are two NYC condo buildings with rent-to-own programs.
One Manhattan Square
If residents purchase within 12 months, a full year’s rent is applied to the purchase price.
If residents buy within six months, 75% of the rent for the full year is applied to the purchase price. If they decide to buy between the sixth and twelfth months, 50% of the rent for the full year is applied to the purchase price.
Marketproof New Development
With Marketproof New Development you can easily search both publicly listed and unlisted off-market properties not available on popular listing sites, including ALL of the units in the buildings in this post.
Create an account today and get a 7-day free trial. After you free trial, it’s only $14.99 per month for access to Marketproof New Development’s listings, exclusive tools, content, and community.
Top photo courtesy of One Manhattan Square.