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

These days most people prefer to stay in a rented

house

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rather than buying it. There are advantages to renting the

house

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like near to workplace and easily available by paying a small amount of

deposit

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, there are,

however

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, several disadvantages too. The

first

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benefit to a tenant gets is that the rented

house

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could be easily available near the vicinity in the workplace. Most employed individuals tend to prefer to have a

house

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to

rent

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so that they could easily reach a

job

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on time and do not feel tedious while working.

For instance

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, 85% of a salaried person in Mumbai live near to their working place in order to reach on time, do not get tired and perform well at the

job

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. Another positive area is that many tenants often get the

house

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by paying a small

deposit

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of

rent

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. It is true that they have to pay an initial

deposit

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of one or two months of

rent

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rather than paying a hefty down payment and interest in buying the new

house

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. After referring the aforementioned advantages, there are several disadvantages too.

Firstly

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, the foremost downside is that there is no guarantee to get a new rented

house

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near to our

job

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area or the landlord could renew the lease for the same

house

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for the

next

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year

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too.

As a result

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, most tenants have to look after the new rented

house

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, which is far from the workplace.

Besides

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this

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, another downside is that the price of

rent

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in the cities is increasing every

year

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as most

job

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seekers move to the cities.

For instance

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, in Toronto, the price of the rented

house

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in downtown has increased from 15% to 25% in the

year

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2019-20 as many

job

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seekers shift there for looking after the

job

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. In conclusion, while renting the

house

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benefits to the tenants by paying a small

deposit

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to get the

house

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for living, they have to deal with the downsides connected to the increase of

rent

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every

year

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due to shifting of many migrants and

job

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seekers.

Therefore

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, the tenants should think twice before taking the

house

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on

rent

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.