Here’s something we don’t see every day. At Gunnison Street Lofts in Uptown, Finnegan Development is listing units for sale or for rent (for example, a three-bedroom two-bath is for sale at $399,000 and for rent at $1,850 per month).
“The market’s slow, so I’m just tapping other resources with rent-to-own,” says developer Jim Finnegan. The rentals can work in several ways. Tenants can simply sign leases the way they would for an ordinary apartment. They can also funnel money they put down up front (instead of a security deposit) and a portion of their rent towards a down payment, he says.
The deal works a little bit differently with each buyer. “We don’t have one form that’s used,” Finnegan says. “We sit down with each client and do it individually.” Two tenants have signed on for the rent-to-own option, he says.
Four units are available in the 25-unit building, 4840 N Broadway St, according to Finnegan.