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Equity Residential Properties Advances Home-Buying Program for Renters

DENVER-It's the American dream ... and Equity Residential Properties Trust says that is why it is helping tenants buy homes with select builders. The program is under way in Denver and Phoenix, with plans to launch it in Nashville.

By John Rebchook | Updated on August 11, 2000

It seems strange at first blush, but Chicago-based Equity Residential Properties Trust, the nation’s largest owner of multi-family communities, wants to help its tenants buy homes. Denver is the second US market where the program is being offered.

The trust has formed an alliance with Ryland Homes and Kaufman & Broad for the undertaking. Tenants in 25 apartment communities in the Denver area can now apply 20% of their rent as a credit to purchase a new dwelling from either of the home builders. The program is under way in Phoenix and will soon be rolled out in Nashville, says Eric Miller, the “Rent with Equity” program spokesman. The program does not result in a rent increase, he says.

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