The hundreds of new condos in Little Rock have had to operate during a sour time in the real estate market. In response, developers who can’t find buyers have hit upon a novel way to keep their units filled.
How have these condo managers dealt with a market long on supply, but short of demand? Arkansas Business publisher Jeff Hankins says, “It’s a little like ‘Rent to own.’ But it’s a little more complicated than that.”
He says it works like this, a percentage of a renter’s monthly payment goes into a separate fund. After a year, or however long the contract states, the renter has an option to buy the unit, using that separate fund as his or her down-payment.
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