New York has passed some of the strongest laws in the country to protect consumers who rent-to-own. The rental contract must be in writing. Also, it must state the length of the rental term, the amount of each payment, and the total number of payments. The length of the agreement cannot exceed four months.
Why is rent-to-own not a good idea?
Another potential downside of a rent-to-own situation is that you're not improving your credit by making timely mortgage payments. Most mortgage lenders report timely payments to the credit bureaus, which can be a positive impact to your credit. However, landlords don't typically report timely rent payments.20 Aug 2021
Can you own an apartment in NYC?
New York City is a renter's market, and for good reason. There are numerous obstacles to owning an apartment, and the purchase process is far from a walk in the park. Still, there can be significant benefits to buying your own place.22 Feb 2021
Are rent-to-own apartments worth it?
Is Rent-to-Own Worth It? Rent-to-own agreements make sense for some buyers, but not for others. If you have shaky credit or need time to save a down payment, rent-to-own may be the right choice for you. A lot depends on your finances and the state of the housing market.