Renting rates all around the country have been skyrocketing, and this naturally deterred many people from renting out housing. This isn’t caused by an inherent lack of desire for to rent, but rather the increasing sense of tension that the constant influxes of renting rates have caused.
There must be a solution, as renting homes is simply not an ideal situation for a family looking to eventually settle down. Rent-to-own could however be the answer that prospective home buyers have been looking for.
The rent-to-own agreement will allow tenants to purchase the home outright after the end of their leasing period, which can generally last between a 3-5 year period. Renting to own ideally allows a prospective home buyer the opportunity to purchase the home when they are able to afford it and also grants the buyer less of a financial commitment as there is no obligation to buy the house if you do not wish purchase the home after the leasing period ends. Ultimately, renting-to-own offers a viable option for prospective buyers who cannot afford the burden of an expensive down payment but are seeking to eventually settle down and avoid the ever increasing cost of rent.