In some countries, most people prefer to rent their homes rather than buying them. What are the advantages and disadvantages of renting a home?

International students in Melbourne have started filling 2-bedroom apartments with six or more people because they don’t want a

house

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for

such

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a short stay.

This

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trend is favourable for students since they don’t have to spend their savings on a long-term loan. While they pay their

rent

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, though, they aren’t acquiring any assets. Renting (a) property has some advantages,

such

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as avoiding paying for a mortgage and offering tenants more flexibility;

however

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, it comes with some potential financial issues. On the one hand, taking a flat or

house

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lease comes with multiple benefits.

Firstly

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, tenants can avoid bank loans and only have to pay

rent

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to a landlord either weekly or monthly whereas

house

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owners tend to acquire a bank loan for long term payment.

For example

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, In Colombia many people prefer to

rent

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a place due to the fact that financial entities charge high interests on loans.

Secondly

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, it is becoming increasingly the number of people in some countries who are moving abroad seeking better job opportunities, for

this

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people

rent

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a

house

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is a better deal because can relocate to any places with ease.

For example

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, an IT engineer who lives in an undeveloped country and wants to work overseas could easily live on

rent

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while the job opportunity comes up.

On the other hand

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, living on

rent

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presents some drawbacks.

To begin

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with, In many countries, renting a

house

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or a flat could be extremely expensive, especially in downtown areas.

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,

although

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there are places available in the zone, the prices are not affordable for all people.

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, the

rent

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price of a flat in big cities

such

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as Melbourne and Toronto represents almost 50% of a middle class salary person. In the

second

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place, a property is an asset,

thus

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someone who buys an apartment is building their future,

in contrast

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, people who are living on

rent

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are spending money without get anything in return. To conclude, renting a property comes with some benefits, giving tenants an alternative to acquiring a

house

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and a chance to relocate with ease.

However

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, it

also

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has some inconveniences related to their future finances.