There are several that are beginning to re-examine the rent to own industry and the association that it has with investing in and buying a home.  If you are looking at a home but are hesitant, then you can look at the several areas that provide information on the industry as well as how this can help you to make an informed decision about buying your next home. 

The rent to own industry is one that is continuing to grow, specifically because of the economic decline that has taken place in real estate.  Today, the industry holds an average of $7 billion in transactions with the expectation that it will continue to grow.  This began to grow in the 1970s because of the growing debt in households which didn’t allow options for complete home ownership.  The appeal that began to grow was based on the fact that there isn’t an interest rate charged, credit checks aren’t involved and there isn’t any obligation or danger of going into debt. 

The customers that are involved with the rent to own industry continue to grow, not only with homes, but also with other items that are needed on a short term basis.  The customers are also expected to grow because of the several benefits that are seen in this industry.  The chart below shows the growth of the customers using this alternative over the past decade. 

Despite the belief that the rent to own industry is based on those who have bad credit or can’t own a home, the changes are now rapidly occurring to include a diverse range of individuals.  There are several that are no longer interested in getting into debt and want to have simple and flexible options for moving.  Individuals that are in transition as well as others that need a different set of payment options are also creating a higher demand for rent to own alternatives.  The flexibility in agreements, payments and the financial obligations are changing the way in which many are looking at the industry.