brian S.
Their business model doesn’t work as…
Their business model doesn’t work as they set the rental rates based on the current market, and charge a 8-10% increase in rent yearly as well as this percent to purchase. I contacted them in regards to renegotiate and they told me some other company handles that and there is nothing they can do. I used this service in July of 2022, the absolute high of the market, and even though the current market value has gone down 10% YoY they are charging 10% more for rent and purchase price. You cannot “save” to purchase this property if it was purchased for 300k and its current value goes down 10% but they want to sell it for 330k…beware before you sign a rent to own
Response from Divvy HomesOct 26, 2023
Hello Brian, thank you for your feedback, and we're very sorry for both your negative experience and any confusion related to our business. The pricing of our buyback option and the monthly rent our customers pay is designed by Divvy. We don’t outsource this in any way as it is a core part of our business. Indeed, the change in market value of a home is subject to market conditions. While the scenario you describe can happen, there have been many scenarios where the home’s appreciation exceeds the market value and our residents benefit 100% from the additional appreciation. Divvy sets that price upfront when a customer moves into their home, and we honor it for the life of the contract. While the situation you’ve described is not the ideal outcome for customers or Divvy, we try our best to navigate it in a constructive way. If you have additional questions or concerns, please don’t hesitate to reach out at [email protected].




