Its been no secret that the competition for buying homes has led to bidding wars across the U.S. in the past couple years. But now with record home prices, low inventory, and rising interest rates, the bidding wars have poured over to the rental market as more people look to compete for rental homes.
Because of the large demand for rentals, certain cities have started to see prospective renters bid over asking rent for apartments and houses for lease. This is causing rentals to go way above market rent because of the panic of renters to find a home. These bidding wars can also lead to renters settling for smaller homes and higher rents than they can afford.
One of the reasons why the rental market is so competitive is that many potential homebuyers have been priced out of the market or given up on looking for homes due to the fierce competition. Crescent's lease purchase program offers an alternative solution that allows clients to pick the home of their choice and lock in a reasonable rental rate for up to 2 years, with the option to buy at anytime, no bidding wars needed. Crescent also makes offers more competitive with the ability to purchase in cash and offer a quicker closing.
Crescent's program gives renters who cannot currently secure a mortgage the opportunity to live in their future home prior to qualifying with a lender. You have the ability to make the home yours and enjoy many of the perks of homeownership while getting the time you need to improve credit, pay off debt, and secure financing. Not to mention it keeps you from having to move from rental to rental as rent is increased and landlords decide to sell the homes you are renting.
With bidding wars and competitive renting becoming more common, alternatives like Crescent's Lease Purchase Program can be valuable tools for those within a couple years of homeownership and wanting to eventually buy a home they can call theirs. Speak with our team today to see if our program is a good fit for you to find your dream home and avoid the rental bidding wars!
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