Why Rent When You Can Own in Portland Oregon?

Why rent when you can own in Portland Oregon? Great question! If you’re looking for Portland houses for rent you may want to consider your other options as a potential homeowner in the Portland area.

Most locals who are looking for homes to rent in Portland are likely looking at renting as their only option because of things like…

– Bad credit (and can’t get a traditional bank loan to purchase a home)

– Not enough funds for a large downpayment on the Portland home you want to live in

– … or you’re just used to renting and didn’t know there were other options.

Why Rent When You Can Own in Portland?

How Many Portland Area Renters Are Turning To Home Ownership By “Renting To Own”?

If you haven’t heard of “renting to own” a home (some call it a “lease option”), you’re not alone.

But the “rent to own” concept isn’t new.

In fact, renting to own has become really common for many things, including furniture, electronics, cars, and more.

And the rent to own concept for houses has been around for decades as well.

So What Is A “Rent To Own” Home?

Curious about what “rent to own” means when it comes to securing a home in Portland? Allow us to provide you with an in-depth understanding of this intriguing housing arrangement.

Renting to Own – An Overview:

Rent to own, often referred to as a lease-option or lease-purchase agreement, is a distinctive path to homeownership that offers flexibility to potential buyers. In essence, it’s a housing arrangement where the homeowner allows you to rent their property, with a special provision giving you the option, but not the obligation, to purchase the house at a pre-agreed price once the rental term concludes.

Here’s how it typically works:

1. Renting Phase:

During the renting phase, you become the tenant of the property, paying rent to the homeowner just like you would in a standard rental agreement. However, in a rent-to-own scenario, a portion of your monthly rent may be designated as a “rent credit” or “option fee,” which accumulates as a credit toward the future purchase of the property. This provides an incentive for you to consider buying the home.

2. Option to Purchase:

The defining feature of a rent-to-own agreement is the option to purchase the property at a predetermined price. This price is established upfront, typically in a contract known as the “option agreement.” This contract outlines the terms and conditions of the purchase, including the agreed-upon purchase price, the duration of the rental period, and any other relevant terms.

3. Your Decision:

Here’s where the flexibility comes into play. At the end of the rental term, you have the choice to buy the property at the agreed-upon price or walk away. The key advantage is that you are not obliged to purchase the home, but the seller is obligated to sell it to you at the predetermined price if you decide to move forward with the purchase.

Advantages of Renting to Own:

  • Building Equity: During the rental period, you have the opportunity to build equity through your rent credits, helping you save for the eventual purchase.
  • Test-Drive the Property: Renting to own allows you to experience living in the home before making a long-term commitment.
  • Credit Improvement: For individuals with less-than-perfect credit, this option can provide time to improve your credit score, making it easier to secure a mortgage when you’re ready to buy.


  • Contract Terms: Carefully review the terms and conditions of the rent-to-own agreement, including the purchase price, timeline, and any responsibilities for maintenance and repairs.
  • Financial Readiness: Ensure you’re financially prepared for homeownership before entering into a rent-to-own arrangement, as you’ll need to secure financing when the time comes to purchase the property.

Rent to own can be an excellent solution for those who aspire to own a home but may not be ready to commit to a traditional purchase. It offers the chance to rent while planning for a future where you may become a homeowner. As with any real estate transaction, it’s advisable to consult with real estate professionals and legal experts to ensure that the terms and conditions of the agreement align with your goals and financial capacity.

Feel free to explore more information on our website about rent-to-own opportunities specific to Portland.

So How Does A Rent To Own Program Help You Buy?

There are a few big benefits to Portland rent to own home programs like ours that can help many Portland area residents to become homeowners.

Usually, there’s something causing people to choose to rent over buying.

If your credit is preventing you from getting a bank loan to buy a home, a rent to own program can give you the time and assistance to improve your credit during the rental term… so at the end of the rental term, you can hopefully qualify for a bank loan and buy the home!

Or for many people, the issue is the downpayment.  If you just don’t have the money you’d need to put down on the house you’d want to live in… many times you can find rent to own programs with houses in the exact neighborhoods you want to live in… with much much lower move in fees… and even sometimes guidance in helping you build up the down payment needed during the rental term in the rent to own agreement.

In the end, if you’re looking for Portland houses for rent… before you go and rent another house you may want to explore our Portland Rent to Own Program to see if it’s right for you.

Renting to own isn’t for everyone… but if it’s the best fit for you this could be your chance to get out of the “rental rat race” and into a home of your own that you actually eventually own.

For more information on our local Rent To Own Home (lease option) program submit the form on the top right of this page, or give us a call anytime at (503) 893-9107.

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