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Depending on your financial situation and preferred style of living, there are many advantages to renting: 1  Renting a home can be cheaper than buying a home. 2  You have more flexibility when you rent. 3  Your landlord, not you, is responsible for performing nearly all maintenance and repair work on the property.
The person moving in benefits from the low rent, while the homeowner has some income to offset the costs of the house and doesn't have to pay professionals to do those tasks. Alternatively, a homeowner can charge a near market rate and realize additional income. A $500 a month rent is $6,000 a year.