Monday, September 25, 2023

Rent to Own Homes Near Me

rent to own homes near me

In today’s housing market, the path to homeownership can sometimes seem challenging. Traditional methods like saving for a down payment or improving your credit score for a mortgage can be time-consuming and difficult. However, there’s another, less conventional route to homeownership that might suit some potential homebuyers: rent-to-own agreements. This article will explore what rent-to-own homes are, the pros and cons, and how you can find rent-to-own homes near you.

What is Rent-to-Own?

Rent-to-own, also known as a lease option or a lease-to-own agreement, is a contract between a buyer (or renter) and a homeowner for the future purchase of the property. In this agreement, you would rent a home for a specific period—usually a few years—with the option to buy the property before the lease ends.

Part of your rent typically goes towards the future purchase of the home, serving as a built-in savings plan for your down payment. In some cases, you might also pay an upfront option fee, which gives you the exclusive right to purchase the property at a predetermined price.

Pros and Cons of Rent-to-Own


  1. Build Equity Through Rent: A portion of your monthly rent payments goes towards the future purchase of the house, allowing you to gradually build equity.
  2. Buy Time to Improve Credit: If your current credit score isn’t ideal, a rent-to-own agreement provides time to improve your creditworthiness without losing the chance to purchase the property.
  3. Test Drive the Home: You get to live in the house before deciding to buy, giving you a chance to discover any potential issues or determine if the neighborhood suits you.


  1. Higher Rent: Rent in these agreements tends to be higher than the market rate, as a portion of it is set aside for the future down payment.
  2. Risk of Losing Money: If you decide not to buy or can’t secure a mortgage at the end of the lease, you may lose any extra money you’ve paid.
  3. Less Control Over the Property: Until you officially purchase the home, you’re still a tenant. This means the owner is responsible for major repairs, but it also means you don’t have full control over the property.

Finding Rent-to-Own Homes Near You

Finding rent-to-own properties can be a bit more challenging than finding properties for sale or rent. Here are some ways you can locate rent-to-own homes:

  1. Online Listings: Websites like Zillow,, and RentToOwnLabs offer filters that let you search specifically for rent-to-own homes.
  2. Real Estate Agents: A local real estate agent will have knowledge of the local market and may know of available rent-to-own properties.
  3. Real Estate Investment Groups: These groups often deal with rent-to-own properties and can be a valuable resource.
  4. Local Newspaper or Online Classifieds: Homeowners may advertise their rent-to-own properties in the local newspaper or online classified ads.


Rent-to-own homes offer an alternative path to homeownership. While this path isn’t right for everyone, it can be a viable option for those who need more time to save or improve their financial situation. Just be sure to thoroughly understand the terms of your rent-to-own agreement and consult with a real estate attorney or a knowledgeable real estate agent to ensure you’re making a sound decision.