In some countries, most people prefer to rent their homes rather than buying them. What are the advantages and disadvantages of renting a home?

In many parts of the world, a lot of people choose to rent flats and apartments instead of buying their own homes. Renting homes would certainly be advantageous in some ways but there are also some drawbacks.

One evident benefit to renting homes is that rental apartments are usually situated in urban areas, particularly in the business districts, which is convenient to individuals who do not want to travel or commute to work. Additionally, people could save up on a substantial amount of money because they do not need to pay for transportation bills nor purchase a car in order to go to work. For example, when my brother was hired as a financial analyst in the city, he rented a flat just a few meters away from his place of work. He would just walk for roughly 5 minutes to go from his home to his work daily, saving up on transportation expenses.

On the other hand, there are obvious disadvantages to renting. One of these is that houses for rent, particularly in urban areas, offer small liveable spaces, which would be difficult for those who have families. A condominium unit, for instance, in Hong Kong is typically around 22 square meters in area. Such small spaces are barely liveable for couples and more so, for families. Another thing to consider is that these apartments are usually located in densely populated areas where noise pollution is a major concern. Individuals who need to concentrate to function well in society would have a hard time living in such an environment.

In conclusion, I believe that people rent to avoid commuting to work and, in the process, save up on travel expenses. However, renting a home can be difficult for families and people who value silence.

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