This is a cool, new idea!
At RSI’s The New House community in Beaumont, CA (Riverside-San Bernardino MSA), future residents can choose to:
- Buy for $1,576 per month
- Rent for $1,700 per month
- Lease-to-Own for $2,015 per month
More than 30% of customers are choosing the lease-to-own option.
Knowing Your Buyer
The idea for the three separate options came as a way to increase absorption among buyers who were financially qualified in terms of income, but had bad credit due to bankruptcy or foreclosure, or lacked a down payment.
The lease-to-own option, though the most costly by month, sends a portion of each month’s payment into an escrow account for future use. It also locks the price of buying at the start of the lease, which has already been a benefit to the early lease-to-own crowd, as prices have gone up since the community’s opening.