Renting property rather than owning is an option for many people who are not yet ready to settle down, who will be living in an area only temporarily, who are not willing or able to meet the financial obligations of a mortgage or who choose to enjoy the benefits and flexibility of renting. Even though renting a property does not entail the same type of commitment as owning, certain considerations should be made to ensure the experience is as positive as possible. Apartments, condominiums, townhomes and other multi-family housing units can all be rented; however, people often refer to apartments when discussing rental property. This walkthrough will guide readers through topics such as who should consider renting, the benefits of renting, the rental process and when to trade the rent for a mortgage.
[extoc] Source: investopedia.com