Thinking about buying a home in New York, but not ready to make that huge down payment? Let us clue you in on a little secret: there is no best way to find an apartment in New York City. That’s because there are so many different ways to find an apartment in New York City, and what works best for one person may not work for another. First, figure out if you want to rent, sublet, or buy.

Here’s one option you may not have heard about: rent-to-own. Though this option has not been widely used by New Yorkers in the past, the idea is increasingly gaining momentum during the COVID-19 pandemic era as real estate sales continue to fall, and landlords scramble to come up with ways to make up for a loss in income. There are several options for seeking out rent to own homes in New York. Let the real estate experts at Platinum Properties tell you more about it.

What does “rent-to-own” mean?

Rent-to-own homes are arrangements offered on certain properties that allow tenants to put some or all of their rent toward a pre-negotiated purchase price for a certain period of time. While the length of renting time varies, its duration usually lasts somewhere between 6 and 12 months. You can find rent to own homes all over New York. They are available in many of the boroughs. Whether you are looking for rent to own homes in Queens, Manhattan, Brooklyn, or the Bronx, a real estate agent can help.

 

What kind of apartments qualify for rent-to-own?

Condos and, less typically, co-ops may have the option of renting to own. Rent-to-own homes are commonly found in highly saturated markets. They are typically found when a property is taking too long to sell or developers and management companies are anxious to fill a mass amount of condos.

 

Does it make sense to explore the rent-to-own option in New York City?

Rent-to-own homes are an interesting prospect for buyers in markets where it is cheaper to own than rent, which isn’t necessarily true in a place like New York. However, it can be a great alternative to buying outright in some situations. Look for them during the off-season of the New York real estate market (late fall or winter is ideal) and in neighborhoods and new developments that have yet to evolve or are still early in the process of evolving into one of the city’s latest trendy locations. Due to the market changes brought on by the pandemic, many buildings across Manhattan have broadened their rent-to-own programs over the last three months, resulting in an increase in opportunities for renters. Keep an open mind about rent-to-own homes in the Bronx, rent-to-own homes in Brooklyn, and rent-to-own homes in Queens. You’re more likely to find great options in these boroughs.

 

How do I find rent-to-own homes in New York?

The easiest way is to connect with a real estate salesperson in New York City. Our professional team at Platinum Properties is well versed in the New York real estate market and can do the hard work of searching for you. Connect with an agent today and find your new home in New York.

As the exclusive brokers of 75 Wall Street, we welcome you to this rare opportunity to rent-to-own our select units curated just for you! Come spend time in your new majestic home at 75 Wall with a home office and/or a terrace where 70% of your annual rent can be applied towards the down payment by the end of your lease term. No upfront rent-to-own deposit, no condo board application, no condo application fees required – why wait?