We are renting a condo in an area that's experiencing tremendous rent and home price increases, so much so that if we refuse to renew our increased lease, we'd be looking at spending 2-3x on rent for a similar property. This is, somewhat conveniently, almost exactly what the total cost of monthly expenses would be if we purchased the unit at its estimated cost when comparing to similar units in the complex that recently sold. We also really like the location and would rather eat an increase in rent here than relocate in our city, which complicates things a little further.

My wife and I have floated the idea of approaching our property manager and asking if the owner has any willingness to sell, but we are also trying to imagine possible consequences of starting that conversation -- in particular, should they opt to sell but not to us. There are also some things that we'd like to update in our unit that would fall under the landlord's obligation while we are renting (plumbing issues, windows and blinds need repairs, etc.), so we're trying to gauge if we should even have this conversation before we request repairs.

We've thought about a few different options, and I'd be interested to hear from others who have tried anything similar.

1. Just ask to buy it and see what happens.

   • Pro: skirt all the bullshit and just get to the meat of the issue, which is that we want to buy the property.
   • Con: They check the price, decide to sell to someone else and we're back in "rent the same for more but in a worse location" territory. If they decide to sell to us, they might resist performing repairs because they'll just offload it to us eventually.

2. Wait for repairs to be done, then ask.

   • Pro: get our unit fixed, improve QOL immediately.
   • Con: They might be less likely to sell to us if they think we were trying to get stuff fixed so we didn't have to fix it after buying.

3. Offer some kind of plan to cost-share improvements or fixes in exchange for rent adjustments within the initial approach about buying.

   • Pro: Get improvements/fixes to the house quickly, reduce rent expenses regardless of if we are able to buy or not.
   • Con: They essentially get to subsidize improvements to their unit for long-term gain while we only get short-term benefits.

Does anyone here have any experience with Aspiration or Amalgamated bank? I am interested in opening a new credit account and can't seem to decide which one to pick.

I've picked these two because of their environmental commitments, but I'm leaning towards Amalgamated since it's based in the East Coast.

Edit: Unfortunately, Beneficial is only in the West