Home Partners of America (HPA) is one of the largest and most established rent-to-own companies in the country. Unlike smaller startups, HPA has operated at scale for over a decade — and in 2021 was acquired by Blackstone for $6 billion, giving it serious institutional backing.
But bigger doesn’t always mean better for the buyer. Here’s an honest look at how the program works, what it costs, who qualifies, and what real residents have experienced.
What Is Home Partners of America?
Home Partners of America is a lease-with-right-to-purchase program. You find a home on the open market, HPA buys it with cash, and you rent it under a standard lease. At any point during your lease term — up to 5 years — you have the right (but not the obligation) to purchase the home at a predetermined price.
HPA’s key promise: guaranteed right to purchase for up to five years, with preset pricing so you know exactly what you’d pay at any point during the lease.
Important update: As of January 2025, Home Partners of America transferred day-to-day leasing and property management to Tricon Residential. If you’re a current or future resident, you’ll be dealing with Tricon for maintenance requests, lease renewals, and day-to-day issues — not HPA directly.
How the Home Partners Program Works
- Apply online. Submit a free application. HPA performs a background check, credit check, and income verification.
- Get approved with a budget. HPA approves you for a maximum home price based on your income and finances.
- Find a home. Work with a real estate agent (HPA provides partner agents) to find a home that meets their criteria within your approved budget.
- HPA buys it. Home Partners makes a cash offer. Sellers often prefer cash offers — this gives you a competitive edge in tight markets.
- You sign a lease and right-to-purchase agreement. The right-to-purchase agreement locks in your purchase prices for each year of your potential 5-year lease.
- Rent and decide on your timeline. You can purchase at any point, or choose not to buy and leave when your lease ends — no penalties for not buying (under the Choice Lease Program).
The Two HPA Programs: Right to Purchase vs. Choice Lease
Home Partners operates two distinct tracks:
Right to Purchase (RTP) Program
The original HPA model. You have the option to buy the home at a preset price at any time during your lease (up to 5 years). The purchase price increases each year to account for HPA’s appreciation target. This is a true rent-to-own arrangement.
Choice Lease Program
Launched in 2022, this track offers below-market rents and a five-year guaranteed lease. There are no financial penalties for not purchasing — you can simply rent. Ideal for people who want the stability of a single-family home rental without committing to buy. The trade-off: this is more of a long-term rental than a genuine path to ownership.
Requirements: Who Qualifies for Home Partners?
- Minimum credit score: 580–620 (varies by market)
- Minimum annual household income: $50,000–$55,000
- No active bankruptcies
- No eviction history
- Available in 22 states and 44+ cities
HPA’s income requirements are meaningfully higher than some competitors (Landis and Divvy start at $36,000/year). If your income is below $50,000, you may need to look at alternative programs.
What Does Home Partners of America Actually Cost?
This is where most people get surprised. HPA doesn’t charge a large upfront option fee like traditional rent-to-own contracts — but the cost is baked into the purchase price structure.
The Real Numbers on a $275,000 Home
| Cost Component | Amount |
|---|---|
| HPA purchase price | $275,000 |
| Annual appreciation markup (5.5%) | $15,125/year |
| HPA closing costs (added to price) | ~$5,500 |
| Make-ready costs (added to price) | $1,000–$5,000 |
| Repair & maintenance reserve (added) | Varies |
| Your purchase price at end of Year 1 | ~$300,000+ |
| Your purchase price at end of Year 3 | ~$335,000+ |
By year 3, you could be paying $60,000+ above what HPA originally paid. In a rising market, this may still represent fair value. In a flat or declining market, you’ll be overpaying significantly.
No rent credits. Unlike Divvy or Landis, HPA does not credit a portion of your rent toward the purchase price or down payment. Your rent pays for housing — nothing more.
Use our Rent-to-Own Calculator to model what a Home Partners deal would cost you versus saving for a down payment or using an FHA loan.
What Markets Does HPA Serve?
Home Partners operates in 22 states and 44+ cities, including major metros like:
- Atlanta, GA
- Dallas / Fort Worth, TX
- Phoenix, AZ
- Charlotte, NC
- Denver, CO
- Tampa / Orlando, FL
- Nashville, TN
- Indianapolis, IN
- Columbus / Cleveland, OH
- Minneapolis, MN
HPA has better geographic coverage than most rent-to-own companies, which is one of its major advantages.
Home Partners of America Reviews: What Residents Say
BBB Profile
Home Partners of America is not BBB accredited. Their BBB page shows a mix of resolved and unresolved complaints. Common themes in complaints:
- Maintenance delays and contractor quality issues
- Communication problems with property management (especially post-Tricon transition)
- Disputes over move-out charges and repairs
Yelp (38 Reviews)
HPA has 38 reviews on Yelp at their Chicago headquarters listing. The pattern is consistent with BBB: maintenance and communication are the most cited pain points. Some positive reviews highlight the program’s flexibility and the ability to find and rent a specific home they wanted.
The Tricon Transition Factor
The January 2025 transfer to Tricon Residential has added a layer of uncertainty for residents. Tricon is a large institutional landlord that manages tens of thousands of homes — responsiveness at the individual unit level has historically been a challenge for large-scale institutional operators. If you’re considering HPA, ask specifically about how maintenance and management issues are handled under the Tricon structure.
The Biggest Pros of Home Partners of America
- Long runway to purchase — 5 years is significantly more time than Landis (1 year) or some Divvy arrangements. This matters if you have serious credit work to do.
- No obligation to buy — You can walk away at lease end with no financial penalty under the Choice Lease Program. This is a meaningful consumer protection.
- Wide market coverage — 44+ cities in 22 states gives you far more options than most RTO programs.
- Competitive in hot markets — HPA’s cash offers can win in bidding wars, giving you access to homes regular buyers might lose.
- Low upfront cost — Only a $75 application fee to get started. No large option fee required upfront.
The Biggest Cons of Home Partners of America
- No rent credits. Every dollar of rent is gone. You’re not building toward your down payment the way you would with Landis or Divvy.
- Annual price appreciation built in. At 5.5%/year, your purchase price climbs fast. Wait 5 years and the premium is substantial.
- All closing costs added to purchase price. You’re not just paying appreciation — you’re paying HPA’s original closing costs as part of your purchase price.
- Tricon management uncertainty. The transition in 2025 adds an unknown variable for day-to-day operations.
- Higher income requirements. $50,000–$55,000/year minimum excludes many of the people who most need rent-to-own programs.
Home Partners vs. Divvy vs. Landis: Which Should You Choose?
| Factor | Home Partners | Divvy | Landis |
|---|---|---|---|
| Best for | Long timeline, wide market | Rent credits + coaching | Fast mortgage path |
| Lease length | Up to 5 years | 1–3 years | ~1 year |
| Rent credits | None | Yes (~25% of premium) | Yes (~10% of rent) |
| Min. credit score | 580–620 | 550 | 550 |
| Min. income | $50,000/year | ~$36,000/year | $36,000/year |
| Markets | 44+ cities | 20+ markets | 15+ states |
| Purchase markup | 5.5%/year + costs | Preset appreciation | 3% of cost |
Is Home Partners of America the Right Program for You?
Choose HPA if:
- You need more than 1–2 years to get mortgage-ready
- You want flexibility — maybe you’ll buy, maybe you won’t
- You’re in one of their major metro markets
- You meet the $50,000+ income threshold
- Having no large upfront option fee is important to you
Look elsewhere if:
- Your income is below $50,000/year
- Rent credits are important to building your down payment
- You want to reach mortgage qualification as fast as possible
- You’re in a market not covered by HPA
The Bottom Line
Home Partners of America is the most established player in the institutional rent-to-own space. Its 5-year timeline and no-obligation-to-buy structure make it genuinely flexible — and the cash offer advantage in competitive markets is real.
But you’re paying for that flexibility. No rent credits, annual price appreciation, and rising purchase prices mean that if you wait long to buy, you could be paying $50,000–$75,000 more than the home was originally worth. This program rewards people who use it as a bridge and buy within 1–2 years — not those who need the full 5 years.
Know your numbers before you commit. Model your specific deal — home price, estimated rent, and likely purchase timeline — before deciding whether HPA, Divvy, Landis, or a direct mortgage path is best for you.
Run your Home Partners deal through our free calculator to see the true cost at year 1, year 3, and year 5 — and compare it to what an FHA loan would look like today.