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.
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.
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Top photo courtesy of One Manhattan Square.