Simply defined, a rent to own program is a rental agreement, combined with a purchase contract. Through a rent to own agreement, a buyer leases a property (usually for 1-3 years) and then has the right (or option) to purchase the property on or before the end of that agreement. This arrangement gives the buyer time to save enough cash, or to clean up their credit to take title to the property on or before the end of the rent to own period by qualifying for a new loan, assuming an existing loan or by working out some type of owner financing.