rent to own

By ERIN FLYNN JAY Though it has existed since the early 1900s, the rent-to-own concept has gained popularity again and for people who want to buy a home but lack the funds, it can be an alternative route to homeownership despite the costs and risks. Ritika Asrani, founder and head broker at St Maarten Real Estate, said with tightening lending standards many potential homebuyers are turning to rent-to-own as a way to overcome credit hurdles. She said it offers them a pathway to homeownership without the immediate need for perfect credit. And while traditional renters typically do not build equity, rent-to-own tenants often accumulate a portion of their monthly payments as equity, which can be used toward the purchase. What…