Can I rent to own a condo in new York city?

Asked by Jessica Nesmith, Brooklyn, AL Wed Feb 23, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

17
Jenet Levy’s answer
Jenet Levy, Agent, New York, NY
Wed Feb 23, 2011
Jessica,
This is a very good question. By the way, how interesting that you are from Brooklyn, AL - I didn't know there was a Brooklyn there, so hello from one Brooklynite to another.
There was a time when sales were slow during our downturn when some of the new developments were willing to do "rent to own". These days, our market is brisk again and they are much less common. The Financial District in Manhattan is where these were particularly being done. Those buildings however are largely sold and not needing to do this now. On resales, this is something that can always be presented to a seller's agent, though in most cases sellers want to be free and clear of the property.

Hope this helps.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
1 vote
Meagen A, , New York, NY
Sun Nov 27, 2011
Yes, you can, and I'd be more than happy to assist you in doing so, Jessica!

Best,
Meagen
1 vote
Flag Mon Apr 24, 2017
are you in ny?
Flag Wed Oct 8, 2014
Mudar Humaim…, Agent, NY,
Wed Feb 23, 2011
Yes. If the apt is advertised as such. I work with a sponsor offering a rent to own on one of their developments in the financial district. Let me know if you would like more information.
1 vote
Do you have any property rent to own in Manhattan?
Flag Wed Oct 8, 2014
Soniaaybar, Home Buyer, New York, NY
Thu May 11, 2017
My son has a trust fund and rent is paid directly from his bank to landlord.. currently residing at a high rise bldg with security etc.. Looking for condo for rent in new york city..
I need information regarding this.. a listing of available condo's townhouse. thanks
0 votes
Trulia is a media website - not a brokerage. It just hosts listings posted by realtors, landlords and owners. You need to call a licensed agent in NYC and have them email you listings with your specific criteria. Listings are emailed directly from the MLS. You can also use - http http://:www.streeteasy.com to search for condos and townhomes. StreetEasy is the New York City website for real estate listings. It is only for NYC and has far more search filters than Zillow and Trulia.
Flag Thu May 11, 2017
Christine.w…, Other Pro, Fort Myers, FL
Wed Nov 30, 2016
Yes, you can rent to own a condo in NYC. There are even sites devoted to rent to own properties.
0 votes
Hbrittain, Home Buyer, San Francisco, CA
Thu Aug 25, 2016
Hi, Jessica. It depends on your savings. If you need to take a loan to finance a property purchase then I rather recommend you to rent a condo. You can find many properties for rent on https://rentberry.com
0 votes
Dorothy Edw…, Renter, 10927
Wed Aug 24, 2016
I would like to know if could rent to own in westchester. I want a condo
0 votes
As a former realtor, you won't find any in Westchester. Sellers want to sell than rent to own.
Flag Wed Aug 24, 2016
Michele Port…, Agent, New York, NY
Mon May 27, 2013
Jessica,
Rent to own is not a common practice in Manhattan. In the current real estate market there is little inventory and this type of sale would not benefit most sellers. I have been selling real estate in Manhattan for a decade and have only seen this once. Sorry I can not give you a more positive answer.
Michele Portnof
SVP/Associate Broker
Rutenberg Realty
mportnof@crrnyc.com
0 votes
Michele Port…, Agent, New York, NY
Mon May 27, 2013
Jessica,
Rent to own is not a common practice in Manhattan. In the current real estate market there is little inventory and this type of sale would not benefit most sellers. I have been selling real estate in Manhattan for a decade and have only seen this once. Sorry I can not give you a more positive answer.
Michele Portnof
SVP/Associate Broker
Rutenberg Realty
mportnof@crrnyc.com
0 votes
Tiyae W, Renter, McRae, GA
Tue May 15, 2012
yes you can its easy just type in rent to own homes in new york.
0 votes
Christian Pe…, , New York, NY
Tue Nov 22, 2011
Yes, however it can be difficult to find a developer offering that option.
0 votes
Spirit Messi…, Agent, Tucson, AZ
Thu Feb 24, 2011
Yes, and it is called a lease.
0 votes
Andrey Yanoff, , 10017
Thu Feb 24, 2011
Hello Jessica
Yes you can, but you have to find such a unit. It is difficult
Good luck
0 votes
Ralph Windsc…, Agent, Hauppauge, NY
Thu Feb 24, 2011
The short answer to your question is yes. There are really two options that you could look for - either a landlord that's willing to enter into a rent with the option to buy lease or even to hold the mortgage. Much would depend on your particular situation. If you are not currently working with agent and you're looking to purchase either in Brooklyn, Queens, or Long Island, I would be happy to assist you. Good luck!

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Proprties
631-467-0009
ralph.windschuh@century21.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Feb 23, 2011
In this area, most sellers prefer to sell outright rather than be bothered with a rent to own scenario, therefore such a situation is rare. If you haven't done so yet, consider visiting with any qualified loan officer(s), --after reviewing your overall financials, credit, debt, etc., he/she can make a determination as to qualification--if you don't yet qualify, your loan officer may offer great suggestions as to what needs to be done in order to qualify in the very near future...
0 votes
Mark Cisneros, Agent, New York, NY
Wed Feb 23, 2011
Jessica,
I get asked this all the time. It's definitely not a common occurence here in Manhattan though you will come across it from time to time. Where I've had more success with this is when I'm helping a buyer search for an apartment and I come across an apartment that's on the market for both sale and rent. Usually the seller is covering their losses just in case they can't move their apartment so they may be more open to these kind of offers.

There's also the issue of the type of building you could do this in. A condominium would most likely be more open to this kind of sale than a co-op would.

Other than that your two other options are:
1. Basically any apartment you'd be interested in you'd have to basically ask.
2. Be open to some of the other boroughs that are not faring as well as Manhattan is. Queens is probably on the top of that list considering they've had a considerable amount of foreclosures but you may find some options in Brooklyn as well.

Please feel free to contact me with any questions or advice!

Regards,
Mark
Mark Cisneros
Bona Tierra Realty
212-421-6408
mark@bonatierra.com
0 votes
Eisenberg Sc…, Other Pro, New York, NY
Wed Feb 23, 2011
If there is a willing Seller you certainly can sign a lease with an option to buy. The question is determining a price as nobody can be certain of the market in the future.

Scott Eisenberg
917-306-6618
RealEstateAttrny@gmail.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more