Most people have their preferences when it comes to renting or buying properties, so it really comes down to personal opinions and circumstances. Some people are forced to rent because they don't have the finances to buy their own property. Rent can sometimes work out cheaper in the short term, but it really depends on the type of property and how many people are helping to cover the costs. The cost of rent reached a record high in February 2022, but renting a property can work out quicker and more flexible than buying a house. Some rental contracts only last a few months, which means that individuals aren't tied to a property for an extended period of time if they don't want to be. Homeowners tend to have more security because there isn't the risk of getting evicted by the landlord or an increase in the monthly rent. After paying off the mortgage, the property will belong to the homeowners, whereas tenants won't own their rented property, no matter how many years they live there.