Chicago is a hub of recreational areas, museums, gyms, sports, and more. No doubt, people are looking for affordable residences in the city. The best option at the time of recession would be rent to own homes in Chicago. Both the buyer and seller agree upon the price of renting the house. This solves the problem of closing date, dues on last monthly rental payments, and more.
Rent to own Home Companies in Chicago
The list of companies that provide listings, pricing, and other important details of rent to own homes in Chicago are mentioned below. Take a quick look to understand which company is the best for you.
Rent to own Labs
1230, Lake Underhill Rd, Suite 111, Orlando FL 32828
Home Partners of America
Home Partners of America, 120 S. Riverside Plaza, Suite 2000, Chicago, IL 60606
Rent to own Chicago
4452 S Archer Ave, Chicago, IL 60632 and 1616 N. Cedar Lake Rd, Round Lake Beach, IL 60073
Chicago Home Solutions
Chicago Home Solutions, Inc., 2339 N California AVE Suite 478081, Chicago, Illinois 60647
1301 2nd Ave floor 31, Seattle, WA 98101, United States
3438 Peachtree Road, NE, Suite 1500, Atlanta, GA 30326
20 North Wacker Drive Suite 1800 Chicago, IL 60606 United States
1. Rent to Own Labs
The properties cost an average median of $175,000 and shows verified listings to avoid scams.
Contact – 877-801-4711
Address – 1230, Lake Underhill Rd, Suite 111
Orlando FL 32828
Website – www.renttoownlabs.com
Average price – $1800 for 1B, 1B to $4500 for 3B, 2B
2. Home Partners of America
The company requires you to sign up for a registration process.
Contact – (877) 234-5155
Address – Home Partners of America, 120 S. Riverside Plaza, Suite 2000, Chicago, IL 60606
Website – www.homepartners.com
Average price – $1900 – $2400 for 2B, 2B and 3B, 2B (Rates vary based on the locality and house)
3. Rent to Own Chicago
They offer the cheapest prices available for rent to own homes in Chicago.
Contact – 773-455-0000, 847.232-8888
Address – 4452 S Archer Ave, Chicago, IL 60632 and 1616 N. Cedar Lake Rd, Round Lake Beach, IL 60073
Website – www.renttoownchicago.com
Average price – $1000 for 2B, 2B, $1500 for 3B, 2B, $2000 for 4B, 3B
4. Chicago Home Solutions, Inc.
The company offers you a list of the most suitable rent to own homes based on your desired location and budget.
Contact – (312) 757-6488
Address – Chicago Home Solutions, Inc.
2339 N California AVE Suite 478081
Chicago, Illinois 60647
Website – www.renttoownchi.com
Average price – $1300 for 2B, 2B, $2200 for 3B, 2B, $3000+ for 4B, 3B
At Zillow, you can choose your own price range, and get classic ready to move in houses for sale as well. You can find the Zillow app for better access and save your searches.
Contact – (206)-470-2000
Address – 1301 2nd Ave floor 31, Seattle, WA 98101, United States
Website – www.zillow.com
Average price – $1500 for 1B, 1B, $2200 for 3B, 2B, $3000+ for 4B, 3B
How does the Process of Rent to Own work?
Rent to own homes bestow you with the rights to purchase the house at an agreed upon price after the rental duration.
Rent to own/lease process is simpler than you might think.
- Sign the agreement with a suitable option. There are two options available for purchase – a lease agreement with a purchase option, and a lease agreement with a purchase agreement.
- The landlord and buyer agree on a price. It is better to cross-check everything before setting a price.
- You pay an option fee between the range of 1%-5%. This is negotiable, one time, non-refundable fee applicable to the agreement with option to purchase.
- Based on your budget, you decide the duration of your rental term.
- Both the parties decide on maintenance roles to keep the house in good condition.
- Down payments and monthly rents start rolling.
- After the rental period, you apply for the mortgage like any other home buyer.
The cost of living in Chicago is affordable as compared to other high tier cities. An array of amenities, job opportunities, and reasonable house rates make it possible to opt for rent to own homes in Chicago.