East Lansing condos that don't sell may be up for rent
Dawn Parker and Jeremy W. Steele • email@example.com, firstname.lastname@example.org • December 2, 2008 • From Lansing State Journal
A sluggish housing market has the developers of two area urban condominium projects ready to rent out units that aren't selling.
For the developers, renting the units at Albert Place Condominiums in East Lansing and the Stadium District building in Lansing lessens the financial burden of holding onto the empty condos.
It also could open the door to a rent-to-own option for would-be buyers spooked by a sour economy.
Stadium District already is advertising a rent-to-own program for nine vacant condos in its Michigan Avenue building. Albert Place needs East Lansing City Council to grant 12 rental licenses, developer David Krause said.