If you are looking for rental properties in Detroit, Michigan, rental properties in Ann Arbor or other nearby areas, you may be interested in a lease to own agreement.

Ann Arbor, Michigan apartments vary greatly in price, depending on the neighborhood. Lofts and condos closest to the university typically have higher rents than similar properties farther out. If you have problematic credit or no down payment, you may think that renting is your only option, but with the economic situation in Michigan, many sellers are motivated to consider creative solutions that are beneficial to all parties.

According to the Office of Federal Housing Enterprise Oversight Committee, average home prices increased by 7.7 percent nationwide in 2006. But, major exceptions were seen in the state of Michigan. In Ann Arbor, home prices decreased by an average of 8.08 percent and in Detroit by 2 percent. While this is a tough situation for a seller to be in, it may be beneficial for potential buyers.

Some experts describe the Midwest as 'economically shell-shocked?. Auto industry layoffs, closing research facilities and pharmaceutical labs have put many homeowners in a situation where they 'must sell quickly?, sometimes to avoid foreclosure, sometimes because of the need to transfer. Some long-time Pfizer employees have been offered the option of transferring to a facility in another state, after the facilities in Michigan close, a process that will be on-going throughout 2007.

While these factors may not affect the average rent for Ann Arbor, Michigan apartments, it is likely that you will see more homes available for rent. In other words, the number of available Michigan rental properties, in Ann Arbor particularly, will probably increase. Property owners that would ordinarily sell their home may now be more likely to offer it 'for sale or lease?. So, you may be able to find a home to buy, with little or no money down, with or without good credit, if the seller is open to a 'lease option agreement?.

In some ways, a lease option agreement or 'rent to own' agreement is similar to a standard rental agreement. The major difference is that at the end of the lease, the renter (you) have the option to buy the home at a price agreed upon at the beginning of the lease. Right now, with prices down, this could mean immediate equity. Also, a portion of the rent each month goes toward the purchase price of the house. This gives the feel of true homeownership. (Or apartment or condo ownership).

This type of agreement may appeal to you if you need time to establish or repair your credit rating. Or, if you need additional time to come up with the down payment.

Lease option contracts vary, depending on what the property owner is willing to offer. Some owners may require a fairly substantial deposit. Others may be willing to accept a smaller deposit, if you are willing to do repairs and take care of the necessary upkeep on the home yourself. Repairs and the like are normally the landlord's responsibility, but with some lease option agreements, even the amount of money that you spend on maintenance and repairs can be applied to the eventual purchase of the home.

The bottom line is that, because of the current economy, you will probably see an increase in the number and variety of Michigan rental properties. In Ann Arbor, it may be easier for you to start the process of owning your own home. And, since home prices invariably 'go back up?, again, this could be the best time for you to buy a home, rather than ending up in another one of the Ann Arbor, Michigan apartments.

Real estate investors like us can help whether you are a seller looking to sell your home on a rent to own basis, or a buyer looking to purchase a rent to own apartment, condo, or home. We have the experience and team (mortgage broker, attorneys, paperwork, and connections) to make the deal happen and happen the right way.

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