Renting to own a home in Milwaukee, or any city for that matter, isn’t a new concept… but the whole process of “renting to own a house” is a process that most people have questions about.
Well, you’re in the right place!
This article will walk you through what to look for if you’re looking for Milwaukee rent to own houses.
3 Things To Look For When Renting To Own A Home In Milwaukee WI
1. Find The House You Want To Live In Long-Term… Not Just Rent
A lot of folks who are trying to decide between renting or going the “rent to own” route end up approaching the process with the wrong mindset. Renting is typically short-term—you settle for something “good enough” because you know it’s temporary. But rent to own is different. You’re not just choosing a place to live for a year or two… you’re picking what could very well become your forever home.
So treat it like that.
Before signing anything, ask yourself: “Would I be happy buying this home in two years?” That means inspecting the neighborhood, checking school ratings if you have kids (GreatSchools.org is a good place to start), reviewing crime stats, and confirming you’ll be comfortable there long-term.
Yes, you’re renting a “rent to own” house… but you should choose a house you’d be glad to live in for years just in case you do exercise the purchase option at the end of the lease term.
2. Terms That Fit Your Goals And Needs as A Milwaukee Home Seeker
Not all rent to own homes in Milwaukee follow the same contract structure—and this is where many people make avoidable mistakes. It’s absolutely essential that you understand both the lease agreement and the purchase option terms in full. Most rent to own agreements in Wisconsin include a higher monthly rent than traditional leases because you’re not just renting; you’re also paying for the right to buy that home later, often at a pre-agreed price.
A key component to understand is whether a portion of your rent will go toward the future down payment—often called a “rent credit.” For example, if your monthly rent is $1,500 and $300 of that goes toward your eventual purchase, that’s a significant benefit—but not all agreements offer this. Always ask.
We also strongly recommend having your agreement reviewed by a real estate attorney or housing counselor familiar with Wisconsin landlord-tenant law. You can even reach out to the Tenant Resource Center or consult with Legal Action of Wisconsin if you need affordable legal advice.
And don’t skip the details: ask who pays for things like property taxes, repairs, and insurance during the lease term, and get it all in writing.
But with rent to own agreements, you should also have some flexibility that protects you. Make sure there are no fees for not exercising the purchase option at the end of the agreement.
Also, clarify with the owner of the house on who will pay for things during the rental term like…
- Maintenance
- Lawn care
- Insurance
- Repairs
- Upgrades inside the house (new appliances, paint, etc.)
Get it all in writing who’s in charge of these kinds of things during the rental term.
3. The Value Of The Home – The Value Going Up?
One of the major perks of a Milwaukee rent to own home is the ability to lock in a purchase price upfront—especially valuable in neighborhoods where home values are climbing. For example, areas like Bay View, Riverwest, or parts of Wauwatosa have seen steady appreciation in recent years. If you secure a home today at a fixed price and values continue to rise, you could gain equity by the time your lease ends.
But be cautious: locking in a price doesn’t guarantee a deal. If you overpay or if the neighborhood doesn’t appreciate, you could end up with negative equity. That’s why we suggest checking recent sales data on platforms like Zillow or Redfin, or even working with a local real estate agent to get a Comparative Market Analysis (CMA) for the property.
Also, don’t forget to confirm if the purchase option is binding or optional—and whether the price is set in stone or subject to market appraisal at the end of your lease.
Because of this the purchase price usually doesn’t come at a discount for you… but, if you buy in the right Milwaukee WI neighborhood (one that is increasing in value)… you could be earning instant equity if you decide to purchase the home at the end of your rental term.
See Our Current Milwaukee Rent
To Own Homes Below!
If you still have questions about the rent to own process just call us anytime at (920) 851-9727.
And if you want to be put on our local Milwaukee Rent To Own Home List click the link below to see what’s available.