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For many people, the dream of owning a home feels further away than ever. Soaring property prices, stricter lending rules, and the challenge of saving for a down payment have made it difficult to break free from the rental cycle. Even with a stable income, building the financial profile needed for a mortgage can take years, time spent paying rent without getting any closer to ownership.
That’s where rent-to-own comes in. This alternative homebuying model gives renters a realistic path toward ownership by combining the flexibility of renting with the long-term benefits of buying. One major advantage is the ability to lock in the home’s purchase price at the beginning of the lease. In competitive markets where home values can increase rapidly, this can translate into significant savings and peace of mind.
With rent-to-own, you’re not just paying for a place to live—you’re building toward a future where that place is yours. And with reputable providers like Requity Homes, the process is clear, structured, and designed to work with your goals.
In this article, we’ll break down the key benefits of rent-to-own homes, what to consider before signing a rent-to-own agreement, and how Requity can help you make homeownership possible.
Key takeaways
- Rent-to-own programs let you live in your future home while working toward ownership
- Part of your rent may be credited toward your down payment
- Renting-to-own is ideal for buyers who need time to improve credit or increase savings
- You can lock in the home price and avoid rising market costs
- Requity Homes offers one of the most accessible rent-to-own options
What is rent-to-own?
Rent-to-own, also known as lease-to-own, is a unique housing arrangement that allows you to move into your dream home today while saving for your future. Rather than paying rent that goes nowhere, you pay a monthly fee with a portion allocated toward a down payment for when you're ready to purchase the home. This means you can enjoy living in your new space while working towards homeownership!
Read more about how does rent-to-own work
What are the benefits of rent-to-own?
1. Build equity while renting
One of the main frustrations with traditional renting is that none of your monthly payments contribute to ownership. A rent-to-own arrangement flips this script.
In most rent-to-own agreements, a portion of your rent is set aside and applied toward your eventual down payment or purchase. This allows you to accumulate equity while living in the property. It’s a built-in savings plan that aligns with your goal of becoming a homeowner.
2. Time to improve credit or build savings
Many individuals have the income to support a traditional mortgage but fall short on credit score requirements or savings. Rent-to-own gives you time to build credit and build up savings.
You can:
- Use the lease term to improve your credit score
- Save additional funds for closing costs or renovations
- Build a stronger financial profile to secure a better mortgage later
This flexibility makes rent-to-own especially appealing for newcomers, self-employed individuals, and those recovering from financial setbacks.
3. Lock in your home’s purchase price early
In most rent-to-own contracts, the purchase price is locked in at the beginning of the lease. This means that even if the housing market climbs over the next few years, you still pay the agreed-upon price.
For buyers in rising markets, this can lead to significant savings and eliminate uncertainty about future affordability.
4. Live in the home before committing
Rent-to-own allows you to "test-drive" the home before making a long-term commitment. You get to experience:
- The property’s layout and condition
- The surrounding neighbourhood
- Your commute and access to amenities
If the home or area doesn’t suit you, lease-option agreements often give you the flexibility to walk away without purchasing.
5. Lower upfront costs
Traditional home buying usually requires a 5%–20% down payment. Rent-to-own agreements, on the other hand, often require only an option fee of 2%–5% and a smaller upfront financial commitment.
This reduced barrier to entry makes it easier for first-time buyers or middle-income households to access homeownership.
6. Flexible path to ownership
Rent-to-own is not just for those who can’t qualify for a mortgage. It’s a strategic path for anyone who:
- Needs time to gather a larger down payment
- Wants to avoid rushed purchase decisions
- Is relocating and wants to try a new city or community
- Has recently gone through a tough financial situation resulting in a lower credit score
The flexibility of rent-to-own empowers buyers to plan their transition to ownership in a more measured and customized way.
Risks and considerations of rent-to-own
While rent-to-own has clear benefits, it’s essential to understand some of the potential risks:
- If you don’t end up purchasing the home, your option fee and rent credits may be non-refundable
- Maintenance responsibilities may fall on you, depending on the contract
- The final mortgage still depends on your financial position when the lease ends
For these reasons, it's critical to work with a reputable provider and review your rent-to-own contract carefully with legal or financial advice.
Read more about is rent-to-own safe
When rent-to-own makes sense
Rent-to-own can be a smart choice when:
- You want to secure a home now but can’t qualify for a mortgage yet
- You expect your credit score or income to improve within the next 1–3 years
- You’re in a rising housing market and want to lock in today’s prices
- You want time to settle into a community before committing to buy
- You're a newcomer to Canada or self-employed
Requity Homes: A trusted rent-to-own solution
If you’re considering this path, Requity Homes is one of the most reliable and transparent rent-to-own providers. Our program is designed for people who are ready to stop wasting money on rent and start moving toward ownership.
Why choose Requity Homes for rent-to-own?
- Browse rent-to-own listings: No need to use a real estate agent. You can easily search for rent-to-own listings on our website, and see what your rent-to-own payments might look like.
- Move into your future home immediately: You don’t have to wait years—live in the home you plan to own.
- Built-in savings: A portion of your rent goes toward your down payment. No separate savings plan needed.
- Simple qualification process: Generally requires:
- Credit score of 500+
- Annual household income of $70,000+
- 2% initial payment
- No active bankruptcy
- Time to get mortgage-ready: Use the lease period to improve credit and financial standing.
- Transparent contracts: No gimmicks or hidden clauses. Just a clear path to homeownership.
Requity’s program is ideal for buyers who are financially stable but not quite mortgage-ready. It offers flexibility, clarity, and a tailored solution that outperforms most other rent-to-own models.
Learn more about how our rent-to-own program works
Take the next step with Requity Homes
If you’re tired of renting with no return, Requity can help you turn your rent into an investment in your future. Our rent-to-own program offers the flexibility and support you need to achieve homeownership, without waiting years or compromising on your dream home.
Visit Requity Homes to check eligibility, browse homes, and speak with a team member.
Get pre-qualified in minutes - It's free and there's no obligation.
Frequently asked questions (FAQs) about the benefits of renting-to-own
Is rent-to-own a good idea?
Yes, rent-to-own is a great idea especially for people who want to buy a home but need time to save or improve their credit. It provides a structured way to move from renting to owning.
How does rent-to-own with Requity work?
You choose a home, move in, and pay rent while part of that rent builds toward a down payment. After 1–3 years, you buy the home.
What are the requirements to qualify for Requity's program?
A credit score above 500, annual household income of $70,000 or more, a 2% initial payment, and no active bankruptcy.
Can I walk away if I change my mind?
Yes, if you’re in a lease-option contract. Just note that your option fee and rent credits may not be refunded.
How does Requity Homes compare to other lease-to-own providers?
Requity Homes offers a more accessible, straightforward program with transparent terms and built-in support, making it one of the most reputable lease-to-own options.
