Prompt: In most of the countries, people prefer to live in a rented apartment rather than buying a home. What are the advantages and disadvantages of living in rented accommodation?

In today's world, most people migrate to cities in search of jobs or to further their education. These groups of people, therefore find it more convenient to rent accommodation rather than own their own home. This essay will discuss the advantages and disadvantages of living in a rented apartment. Ċ On the one hand, there are several advantages of living in a place on rent, such as rent being hugely lesser than the cost of owning a home and the flexibility of being able to move to another place if life circumstances demand such a decision. Firstly, rents are usually only 0.15% of the value of a home and tenants are easily able to make this expenditure. For instance, in a town like Dombivili in Maharashtra, India owning a one-bedroom apartment will cost Rs.40 lakhs, whereas the rental for a similar space would be Rs.6000/- only. Secondly, if a person decides to change their residence, it is easy for them to move to another apartment without being hassled by decisions of disposing of their property before moving to the new premises. Hence, it is more economical for a person who is living in a city, because of his or her job, to lease a place rather than own one. Ċ On the other hand, there are a few disadvantages of paying rentals, like being dependent on the landlord to continue to use his flat, every year. For instance, if the landlord has decided to stop renting his premises, he would expect the tenants to move out at the earliest, irrespective of whether they have been able to find an alternative in the specified notice period. Additionally, as a tenant, it is not possible to undertake necessary repairs without the permission of the landlord. For example, if there is a problem with the plumbing and repairs have to be made to the structure of the building, the tenant cannot undertake such repairs without the permission of the property owner, which is not an easy task. These issues show that tenancy has its disadvantages which are intrinsic to renting, but they are not insurmountable. Ċ In conclusion, a tenancy is more sought after than ownership by a migrant job-seeking population in most countries, because it is more economical as shown by the discussion above. In my opinion, it is more useful to live in rented accommodation, especially if people are keen on moving as their job locations change. It enables them to prioritize their career over and above owning and disposing of assets.