{"id":16497,"date":"2021-09-08T10:32:00","date_gmt":"2021-09-08T16:32:00","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=16497"},"modified":"2025-08-26T10:07:33","modified_gmt":"2025-08-26T16:07:33","slug":"rent-to-own-vs-renting","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/loans\/rent-to-own-vs-renting.html","title":{"rendered":"Rent-to-own vs renting: which is best for you?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1500\" height=\"500\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/09\/Credit-repair-companies_-how-do-they-help_-Refresh.jpg\" alt=\"\" class=\"wp-image-16498\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/09\/Credit-repair-companies_-how-do-they-help_-Refresh.jpg 1500w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/09\/Credit-repair-companies_-how-do-they-help_-Refresh-1100x367.jpg 1100w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/09\/Credit-repair-companies_-how-do-they-help_-Refresh-768x256.jpg 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice.<\/em>&nbsp;<a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a>&nbsp;<\/p>\n\n\n\n<p>If you\u2019ve ever heard of the concept of rent-to-own (RTO), it probably sounds very appealing to you. After all, the biggest criticism of renting is that it feels like money down the drain. Rent-to-own seems to fix that, with your rent payments eventually counting toward your property purchase. But if rent-to-own is really as good as it looks, why aren\u2019t more people doing it? <\/p>\n\n\n\n<p>Keep reading for a complete breakdown of rent vs. rent-to-own to understand which option is right for you.&nbsp;<\/p>\n\n\n\n<div class=\"responsive-youtube\"><iframe width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/P4t8mHyvAUY\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rent-to-own-explained\">Rent-to-own explained<\/h2>\n\n\n\n<p>As a concept, rent-to-own is exactly what it sounds like. You sign a contract on a property stating that while you\u2019re renting it now, you can purchase the home at the end of a specific time period. <\/p>\n\n\n\n<p>If you buy the property, a portion of your rental payments will count toward the purchase. Rent-to-own contracts can range from a couple of months to a few years. Most contracts don\u2019t extend past a couple of years.&nbsp;<\/p>\n\n\n\n<p>There are a few critical components of the rent-to-own process that everyone should know about:<\/p>\n\n\n\n<ul><li><strong>Option fee:<\/strong> To get into a rent-to-own contract, you typically have to pay a one-time, nonrefundable option fee. This fee is essentially a payment for getting the rent-to-own option. Typically, this fee is between 1 and 5 percent of the property\u2019s final purchase price.&nbsp;<\/li><li><strong>Base rent:<\/strong> Base rent is the monthly rental payment you and the landlord agree on. Your contract will state what portion of your rent payments will apply to your purchase. For example, if your rent is $1,500 a month, your contract might say that $500 will count toward your principal payment at the end of the contract.<\/li><li><strong>Rent premium:<\/strong> A rent-to-own contract typically means you pay higher-than-average rent (a rent premium) for the property. Many agreements will apply the rent premium to your principal payment when it\u2019s time for the house purchase. However, if you don\u2019t purchase the home, you typically don\u2019t get the collected rent premium back.&nbsp;<\/li><\/ul>\n\n\n\n<p>There are two main types of rent-to-own contracts: a lease-option and a lease-purchase agreement. In both cases, you sign a rent-to-own contract stating that the house purchase will be for a certain amount. In a lease-option contract, you get the option of buying the home when your contract ends. <\/p>\n\n\n\n<p>If the agreed-upon price isn\u2019t reflective of the current market value, you don\u2019t like the house or you want to relocate, you can walk away. You won\u2019t get your option fee or rent premium charges back, but you\u2019re not expected to make the purchase.&nbsp;<\/p>\n\n\n\n<p>On the other hand, a lease-purchase contract states that you\u2019ll buy the house at the end of the contract. If the housing market went up during that time, you\u2019re getting the house for a great price, and all is well. <\/p>\n\n\n\n<p>However, if the housing market has fallen or you\u2019re in a worse-off financial situation, you\u2019re now possibly stuck buying a home.&nbsp;<\/p>\n\n\n\n<p>Most people opt for the lease-option contract as it offers more flexibility.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-is-rent-to-own-different-from-renting\">How is rent-to-own different from renting?<\/h2>\n\n\n\n<p>The main difference between rent-to-own and renting is that you get to build equity in your home with rent-to-own. This means your rent payments\u2014in addition to paying for your shelter\u2014also contribute to your financial future.&nbsp;<\/p>\n\n\n\n<p>Neither renting nor rent-to-own payments typically affect your credit. (<a rel=\"noreferrer noopener\" href=\"https:\/\/www.creditrepair.com\/blog\/credit-report\/will-rental-payments-be-included-on-credit-reports\/\" target=\"_blank\">Rent reporting<\/a> is an option for some renters, but not all.) However, most people who choose a rent-to-own option do so because they have poor credit and can\u2019t get a typical mortgage. <\/p>\n\n\n\n<p>Rent-to-own buys them some time to improve their credit score so that at the end of the contract, they can qualify for a mortgage and purchase the home.&nbsp;<\/p>\n\n\n\n<p>While rent-to-own is excellent in many ways, it\u2019s not without its risks.&nbsp;<\/p>\n\n\n\n<div class=\"responsive-youtube\"><iframe width=\"1280\" height=\"721\" src=\"https:\/\/www.youtube.com\/embed\/7AtV__PAoqo\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-potential-downsides-of-rent-to-own-agreements\">The potential downsides of rent-to-own agreements<\/h2>\n\n\n\n<p>If you\u2019re considering the rent vs. rent-to-own debate, it\u2019s essential to know the risks associated with RTO. Ultimately, you might not buy the house at the end of the contract. This could be for various reasons. <\/p>\n\n\n\n<p>Maybe you aren\u2019t approved for a mortgage, you don\u2019t like the place after living in it for a while or you have a job offer in a new city. If this is the case, you\u2019ll walk away in a worse position financially. <\/p>\n\n\n\n<p>A rent-to-own contract charges fees and a higher rent price under the assumption that you\u2019ll purchase the home. That option fee and rent premium were all for nothing if you don\u2019t buy the house in the end.&nbsp;<\/p>\n\n\n\n<p>Additionally, if you sign a lease-purchase agreement, you could be forced to buy a home you don\u2019t want. Considering a home is probably the biggest purchase of your life, it\u2019s not a situation where you want to be locked into doing something.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><a href=\"https:\/\/www.lexingtonlaw.com\/l\/rto\"><img decoding=\"async\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2021\/09\/In-Line-Image-RTO-Cover-v2-1.jpg\" alt=\"\" class=\"wp-image-16373\" width=\"193\" height=\"250\"\/><\/a><\/figure><\/div>\n\n\n\n<p>For more information on rent-to-own, examples of contracts, red flags to look out for and ways to shop for the best deal, download the&nbsp;<a href=\"https:\/\/www.lexingtonlaw.com\/l\/rto\" target=\"_blank\" rel=\"noreferrer noopener\">Complete Rent-to-Own Guide for Prospective Homebuyers<\/a>.<\/p>\n\n\n\n<p>Lastly, there are rent-to-own scams you should watch out for. Popular scams include situations in which the landlord doesn\u2019t own the home, the home has significant damage to it or the property is in foreclosure. <\/p>\n\n\n\n<p>Founder of real estate investment firm Property Cashin, Marina Vaamonde, <a href=\"https:\/\/www.forbes.com\/advisor\/mortgages\/rent-to-own-homes-is-this-a-good-option-for-homebuyers\/\" target=\"_blank\" rel=\"noreferrer noopener\">states<\/a>, \u201cIt is very critical that every prospective buyer understands that the transfer of the property deed doesn\u2019t occur until the closing takes place.\u201d So, if the owner doesn\u2019t keep up on their payments and foreclosure occurs, the rent-to-own contract is void.&nbsp;<\/p>\n\n\n\n<div class=\"responsive-youtube\"><iframe width=\"1280\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/RNOag4tJCKQ\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-should-you-rent-to-own-or-rent\">Should you rent-to-own or rent?<\/h2>\n\n\n\n<p>Which option you should choose depends on your circumstances. The type of people who should consider rent-to-own instead of renting are:&nbsp;<\/p>\n\n\n\n<ul><li>Those who want to test out homeownership<\/li><li>Those with <a href=\"https:\/\/www.lexingtonlaw.com\/education\/bad-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">poor credit<\/a> or without significant savings<\/li><li>Those who want their monthly payments to go toward building home equity<\/li><li>Those with low incomes<\/li><\/ul>\n\n\n\n<p>If you\u2019re considering signing a rent-to-own contract, always involve a professional real estate agent. Essentially, this is a home purchase agreement, so a Realtor can help review the contract and make sure you\u2019re fairly represented.&nbsp;<\/p>\n\n\n\n<p>You should not do rent-to-own if you want the flexibility of regular renting or you\u2019re not interested in homeownership yet.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-make-a-financial-plan-for-the-future\">Make a financial plan for the future<\/h2>\n\n\n\n<p>As mentioned, many people who choose rent-to-own feel that they\u2019re on the cusp of homeownership but they just need to save more or improve their credit. If you\u2019re considering rent-to-own, the first step is to understand your situation. <\/p>\n\n\n\n<p>Check your credit so you know what your options might be going forward. Can you get approved for a mortgage now? Do you think <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/credit-score-apartment.html\" target=\"_blank\" rel=\"noreferrer noopener\">you can improve your credit <\/a>in a few months or a year?&nbsp; If you\u2019re too wary of rent-to-own, <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/how-to-get-apartment-with-bad-credit.html\" target=\"_blank\" rel=\"noreferrer noopener\">work on improving your credit<\/a> and building your savings until you can afford a mortgage you\u2019re comfortable with. <\/p>\n\n\n\n<p>The credit repair specialists at <a rel=\"noreferrer noopener\" href=\"https:\/\/www.lexingtonlaw.com\/credit-repair-services\" target=\"_blank\">Lexington Law<\/a> can work with you to review your credit report to make sure it\u2019s accurate.&nbsp;&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:15% auto\"><figure class=\"wp-block-media-text__media\"><img decoding=\"async\" width=\"75\" height=\"75\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2020\/10\/75x75px_Vince-Mayr.png\" alt=\"\" class=\"wp-image-14519 size-full\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<p><strong>Reviewed<\/strong> by <a aria-label=\"undefined (opens in a new tab)\" href=\"https:\/\/www.lexingtonlaw.com\/about-lexington-law\/profiles\" target=\"_blank\" rel=\"noreferrer noopener\">Vince R. Mayr<\/a>, Supervising Attorney of Bankruptcies at Lexington Law Firm. <strong>Written<\/strong> by Lexington Law.<\/p>\n<\/div><\/div>\n\n\n\n<p>Vince has considerable expertise in the field of bankruptcy law. He has represented clients in more than 3,000 bankruptcy matters under chapters 7, 11, 12, and 13 of the U.S. Bankruptcy Code. Vince earned his Bachelor of Science Degree in Government from the University of Maryland. His Masters of Public Administration degree was earned from Golden Gate University School of Public Administration. His Juris Doctor was earned at Golden Gate University School of Law, San Francisco, California. Vince is licensed to practice law in Arizona, Nevada, and Colorado. He is located in the Phoenix office.<\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\"><strong><em>Note:<\/em><\/strong><\/a><em>&nbsp;Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n\n\n\n<p><em>Lexington Law is not an RTO company. Any content provided on this website regarding the topic of RTO is nothing more than a resource Lexington Law believes might be helpful to readers of its website. Lexington did not write this content. It was provided by a third party. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re considering a rent-to-own contract, make sure you understand what you\u2019re getting into. Learn more about the positives and negatives of rent-to-own. <\/p>\n","protected":false},"author":63,"featured_media":16499,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[528],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rent-to-own vs renting: which is best for you? - Lexington Law<\/title>\n<meta name=\"description\" content=\"If you\u2019re considering a rent-to-own contract, make sure you understand what you\u2019re getting into. 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