How is the monthly rent calculated in Requity Homes' program?

The monthly rent in Requity Homes' program is calculated based on the home price and includes both the actual rent and a savings component. 

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Here's a breakdown using a $300,000 home as an example:

• Monthly Payment: $2,766, which is divided into:some text
  • Rent: $2,450
  • Savings: $316

The total monthly payment covers:

• The rent for living in the home
• A savings component that contributes to the future down payment
• Property tax and landlord insurance (covered by Requity Homes)

It's important to note that:

• The initial deposit and cumulative monthly savings count towards the down payment when the client decides to buy the home.
• Requity Homes covers property tax and landlord insurance during the rent-to-own term.
• Requity Homes pays all closing costs when they initially purchase the home.

The buyback price increases annually, typically by around 5%. For example:

• Year 1: $315,000
• Year 2: $330,750
• Year 3: $347,288

This structure allows clients to live in their future home while building up their down payment and locking in the future buyback price.

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