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

rather than buying it. There are advantages to renting the

house

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

deposit

, there are,

however

, several disadvantages too. The

first

benefit to a tenant gets is that the rented

house

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

house

to

rent

so that they could easily reach a

job

on time and do not feel tedious while working.

For instance

, 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

. Another positive area is that many tenants often get the

house

by paying a small

deposit

of

rent

. It is true that they have to pay an initial

deposit

of one or two months of

rent

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

house

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

Firstly

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

house

near to our

job

area or the landlord could renew the lease for the same

house

for the

next

year

too.

As a result

, most tenants have to look after the new rented

house

, which is far from the workplace.

Besides

this

, another downside is that the price of

rent

in the cities is increasing every

year

as most

job

seekers move to the cities.

For instance

, in Toronto, the price of the rented

house

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

year

2019-20 as many

job

seekers shift there for looking after the

job

. In conclusion, while renting the

house

benefits to the tenants by paying a small

deposit

to get the

house

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

rent

every

year

due to shifting of many migrants and

job

seekers.

Therefore

, the tenants should think twice before taking the

house

on

rent

.