What does RTO mean in Housing & Amenities?
This page is about the meanings of the acronym/abbreviation/shorthand RTO in the Community field in general and in the Housing & Amenities terminology in particular.
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What does RTO mean?
- Rent-to-own, also known as rental-purchase, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics and home appliances, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement. A rent-to-own transaction differs from a traditional lease, in that the lessee can purchase the leased item at any time during the agreement, and from a hire purchase/installment plan, in that the lessee can terminate the agreement by simply returning the property. The usage of rent-to-own transactions began in the United Kingdom and Europe, and first appeared in the United States during the 1950s and 1960s. While rent-to-own terminology is most commonly associated with consumer goods transactions, the term is sometimes used in connection with real estate transactions.