Toll Brothers expands rent-to-own program
NEW YORK, Nov 11 (Reuters) - Toll Brothers Inc (TOL.N), the largest U.S. luxury builder, on Tuesday said it was expanding its rent-to-own program to Hoboken, New Jersey, across the river from Manhattan.
The builder, whose average home price of $672,000 is almost twice that of its nearest rival Standard Pacific Corp (SPF.N), has already tried this tactic in New York City, where condominium prices seemed immune to a downturn until recently.
Toll Brothers has a rent-to-own program in one of its Brooklyn condos and will start such a program in a Hoboken building as well, Chief Executive Robert Toll said during a company conference call.
The company also has similar programs in Scottsdale, Arizona; Singer Island, Florida; Washington, D.C. and Pennsylvania, Toll said.
In the Arizona, Florida and Brooklyn programs the renter can credit part of their rent toward the purchase price should they decide to buy, although the details as to how long renting is possible and how much rent can be credited vary according to location.
(Reporting by Helen Chernikoff; Editing by Bernard Orr)
