Although buying a home comes with many benefits, it’s far from ideal in all situations. Purchasing a home requires substantial upfront costs, including closing costs and a down payment that may be as high as 20% of the purchase price. While you may be able to secure a mortgage with less than 20% down, the trade-off is that you’ll then be obligated to pay monthly private mortgage insurance premiums, which typically amount to between 0.5% and 1% of the purchase price each year, until you build up at least 20% equity.

In addition to the upfront costs, homeowners have to make substantial investments in repair and maintenance in order to protect their valuable investment. When you rent, you never have to worry about the cost when the roof needs replacing or the plumbing springs a leak. Leaving the day-to-day upkeep up to your property manager - including landscaping, lawn maintenance, and snow removal - allows residents to free themselves from financial and time restrictions. 

Often, renting is a much more affordable way to get into neighborhoods that are highly sought after. Downtown and neighborhoods with exceptional public schools can be expensive places to buy property. Renting can get you access to the local amenities and other benefits of the best neighborhoods, even when the purchase prices of homes in the area are out of your reach.