The number of people renting has increased dramatically over the last twenty years. This is mainly due to low supply of houses for sale and a rise in properties already owned and rented. Some people say that this is an issue for people trying to buy a property. Others argue that renting has its advantages This essay will outline the benefits and drawbacks of renting.
Looking at the benefits of renting, there are many excellent reasons for leasing a property. First, renting offers more flexibility to be able to move to other cities or for work because you do not have fixed obligations to the property. In addition, renting is sometimes at a lower cost than buying so it is sometimes cheaper to rent because you do not have the maintenance costs and taxes. Finally, renting frees you from the responsibility and obligation of property ownership thus giving you freedom. For these reasons, if you want flexibility, freedom from responsibility and lower costs you perhaps should rent a property.
On the other hand, looking at the drawbacks of renting, there are many reasons for owning not leasing a property. First, there is less flexibility to move to change the style and décor of the property as it is not your own. In addition, less security it is sometimes an issue because the owner has legal rights to ask you to leave. Finally, rent rises are often higher and increased more frequently because the owner will raise the rent if the maintenance costs, tax and bills rise. or these reasons, if you want security and lower extra costs, you perhaps should purchase a property.