Rent-to-Buy Plan Gets Residents in the Door

Rent-to-Buy Plan Gets Residents in the Door
By Larry Schaffel
Units (publication of National Apartment Association)
June 2006 issue

40% of tenants are not “very likely” to renew their leases and the top reasons are relocation and homebuying. A Chicago developer has begun using a program dubbed RentBUY to provide tenants the opportunity to contribute up to 25% of their rent to the eventual purchase of a home. As a marketing tool this has proven very effective in attracting tenants who intend to buy homes. Additionally, the developer has constructed units and homes to both rent and buy meaning they retain tenants within their company when they choose to buy.