This week we sat down with the Business Development Director of Trio, Aaron Tuttle. Trio provides “a smarter way to rent” Aaron tells us. The Washington-state company is new to Arizona this year, bringing a unique product that allows prospective homeowners to rent before they buy. Aaron explains that Trio developed their name by being the third option for clients, “there is renting and there is owning…we are that third option, that’s Trio”.
Traditional renting can be a stressful process that potentially leaves you in housing limbo every time a lease expires, typically every 12 months. There is also the risk of your landlord raising rents with every lease renewal and, here in Arizona, we no strangers to rising rental rates. Trio is looking to help clients avoid this scenario by allowing the client to choose their home. Trio then purchases the home and leases it back to the client. The leases are typically 3 years and clients can purchase the home at any time during those 3 years if they become mortgage eligible. If a client reaches the end of 3 years and they no longer want to purchase the home, they have options. Trio will extend the lease another 2 years, allow them to leave the home and move on, or trade the home for another Trio home.
Trio’s lease-purchase alternative helps clients avoid costly inflation rates and lock in a home at today’s prices. Here are some typical housing scenarios that might make Trio’s a good option for you:
- Relocation: If you are relocating and unfamiliar with your new area, you may be on the fence about purchasing.
- Independent Contractors/New Business Owners: A traditional mortgage product will require a financial history and you may need time to generate that history if you own your business or are a contract employee.
- Low Credit Score: If you are working to improve your credit score and want to get out of the renter’s cycle.
If you would like to explore your options with Trio, give us a call and we will connect you or visit their website and take the self-assessment.