If you’re looking for Portland houses for rent you may want to consider your other options as a potential home owner in the Portland area.
Most locals who are looking for homes to rent in Portland are likely looking at renting as their only option because of things like poor credit and lack of funds for a down payment.
How Many Portland Area Renters Are Turning To Home Ownership By “Renting To Own”?
If you haven’t heard of “renting to own” a home (some call it a “lease option”), you’re not alone. This concept has been around for decades.
So What Is A “Rent To Own” Home?
In basic terms a rent to own home is simply a home where the owner of the house allows you to rent the house with an option at the end of the rental term to purchase the house at a price you and the owner agree upon ahead of time.
You’re not obligated to purchase the home but the seller is obligated to sell you the home at that pre-determined price if you choose to purchase it at the end of the rental term.
So How Does A Rent To Own Program Help You Buy?
There are some big benefits to Portland rent to own home programs like ours that can help many Portland area residents to become home owners.
If your credit is preventing you from getting a bank loan to buy a home, a rent to own program can give you the time and assistance to improve your credit during the rental term. The improvements you make while renting will hopefully allow you to qualify for a bank loan and buy the home!
Sometimes the issue is the down payment. If you don’t have the money you’d need to put down on the house you’d want to live in, many times you can find rent to own programs with houses in the exact neighborhoods you want to live in with much much lower move in fees and even sometimes guidance in helping you build up the down payment needed during the rental term in the rent to own agreement.
In the end, if you’re looking for Portland houses for rent you may want to explore our Portland Rent to Own Program to see if it’s right for you.
Renting to own isn’t for everyone but if it’s the best fit for you this could be your chance to get out of the “rental rat race” and into a home of your own that you eventually own.
For more information on our local Rent To Own Home (lease option) program submit the form on the top right of this page, or give us a call at (503) 334-4150.