Renting a property unit rather than owning is a great option for many people who are building their career, frequently travel between multiple locations or are simply not yet ready to settle down. Other people who choose to rent might be living in an area only temporarily, not willing or able to meet the financial obligations of a mortgage or perhaps choose to enjoy the benefits and flexibility of renting.
Even though renting a property unit does not entail the same type of commitment as owning a home, certain considerations should be made to ensure the experience is as positive as possible. Apartments, condominiums, town-homes and other multi-family housing units can all be rented; however, people typically refer to apartments when referencing rental property. But apartments are by no means the only property type that can be rented. A tenant that considers renting should analyze the benefits of renting, the rental process and when to trade from a rental lease to a mortgage.