Buy a New Construction Condo in Chicago While Having Your Monthly Rent Go Toward Closing Credit (SERIOUSLY)

In case you missed it, one local developer is currently offering an intriguing incentive to buy at a brand new building that also involves, well, renting. As first reported by Crain’s Chicago Business, Lendlease is rolling out a new deal that allows buyers to rent a unit in the building next door while they wait for their new condo to be finished. And to top it off, a portion of the rent you pay in the interim will go towards the purchase of your new condo. 

Clever to say the least, Lendlease is actually offering this deal at two pairs of buildings: the first at its Southbank development and most notably at Cascade and Cirrus in Chicago’s highly sought-after Lakeshore East community. 

In terms of the specific breakdown, half of a buyer’s monthly rent will be applied toward a credit at closing, with a maximum cap of 2.5% of the purchase price. 

As mentioned in the Crain’s piece, executives at Lendlease estimate that the buyer of a two-bedroom condo would accrue the 2.5% credit in a 12-month lease, effectively giving renters free cash to put toward a sleek, new construction condo in wonderful downtown location. 

On top of the direct financial incentive, the other added bonus to taking advantage of this deal is that buyers will be locking in pre-construction purchase prices, which are traditionally lower than when finished inventory hits the open market. 

Additionally, trying to time up when you buy in relation to when a lease expires is always tricky, as many experienced buyers already know, so this also alleviates some of that stress as well, truly making this one of the more unique opportunities we’ve seen in quite some time.