Will I Buy a House or Just Rent? (Part 2: Renting: The Pros and Cons)
Renting
Pros—When the lease is up, you can just move out. Generally, there is less work and expense in maintaining a home or apartment. A smaller amount of “up-front” cash is needed.
Cons—More fixed costs are required for the term of the lease. No matter what happens wit the value of the home, you do not gain equity at all, though you will not lose it either. Personalizing your living quarters is limited. As taxes, your landlord gets to avail of any tax breaks—you get none.
Always consult competent legal and/or accounting advice for details for your situation