Where is Utopia available?

Utopia is America's 1st rent to own exchange for approved customers, landlords and agents. So, on one side, we help our customers achieve their homeownership goals faster and on the other side, we help our landlords generate far higher (up to 2X) returns from their rental properties. Once our customer selects their dream home, we do a 3 year “rent to own” agreement between the customer and the landlord. During this time, we help the customer become mortgage ready by helping them improve their credit & save enough for a mortgage. Similarly, we help our landlords achieve higher yield, lower repair and maintenance expenses, timely rent payments, reduced vacancy rates, and minimal closing costs.

When you rent through Utopia, you have the option but not the obligation to buy your rental home by signing a purchase option agreement with the landlord. You get a Wallet where your savings and earnings sit and grow every month. Your Utopia Wallet can grow in 3 ways:
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1) Your contributions: When you sign the lease, you do not make any security deposit but you make an initial contribution of 1 to 3 percent of Price of Property (also called purchasing option premium). During the lease, you can make additional monthly or one off contributions so as to save for your down payment to buy the home.

2) Profit Sharing in Rent: Every month you earn a share of the rental profits. These rental profits are added to your wallet on a monthly basis and further grow your wallet.

3) Home Price Appreciation: With our innovative program, you also earn a portion of the increase in home value during the term of the lease. So, As the value of your rental home increases, the value of your wallet also increases to make you downpayment ready sooner.

For Customers: If you have a credit score of at least 550 and earn $3,500 per month or more then we encourage you to apply (It’s free) and get pre-qualified. We also take into account DTI Ratio and timely payment history to ensure that you would get a mortgage in the next 2-3 years. You can find your dream home from our listings. Once you select a home, we do the due diligence on the selected home and if everything checks out then we do a “rent to own” agreement between the landlord and you.  At this stage, You will be asked to contribute up to 3% of the Home price into your Utopia Wallet. This money gets credited toward your down payment when you are mortgage ready to buy the property back from the Landlord.

For Landlords: if you have a single family home or Townhome in ready to move in condition then you can list your rental property on our platform for free. We match you with a Utopia approved “rent to own” customer who is capable of paying the monthly rent and interested in buying back your property in 3 years or less. The rent, current market price and future buyback price are all determined beforehand based on Utopia’s market research and after our in-depth conversations with you. Our landlords generally achieve higher returns (Up to twice as much), lower repair and maintenance expenses, timely rent payments, reduced vacancy rates, and minimal closing costs

We do understand that sometimes life happens. So, if our customer chooses not to buy the home at the end of the lease agreement then the customer gets back all the monthly savings contributions in the wallet. The customer will only lose the 3% that he/she had put down to partially cover the landlord's re-selling cost of the home.