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.

”Anyone who has dreamed of owning a home will love this program,” says Mickey Cummings, executive vice president of EQR, whose chairman is Chicago billionaire Sam Zell. ”It is a simple solution to assist our residents in saving money for the purchase of a brand new home.”

Why is Equity encouraging renters to leave? ”I suppose it does seem a little strange, but a lot of people rent an apartment until they can afford to buy a home,” Miller told ”We’re not going to stop that. It’s the American Dream to own a home. So we might as well help people save for a down payment.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.