Nor can you customize rented property to suit your needs more precisely. Want to run ethernet to every room? convert one room into a gym, or a recording studio? Add more space? Not your property, so not your call. Nor can you guarantee that a rental property will continue to be available at a cost you can afford for a long time. Your landlord may elect not to offer a lease renewal. And if you have kids in school, or just strong local connections, or a sweet commute you want to preserve, that's not a disruption you want someone else to be able to impose on you.
Or, if rents in your area go up, your landlord might ask you for hundreds more per month in rent when it's time to renew your contract.
I was renting a place for $950/month starting in 2011, then for 2012 it went up to $1,050, then for 2013 the landlord wanted $1,350/month to renew. Meanwhile home prices were still low (30% of inventory still short sales in my area) and mortgage interest rates were under 4%. No-brainer. I now pay less in principal and interest than I paid in rent, for a much larger, nicer house compared to the apartment I lived in. And my mortgage payment is never going to go up. (My property tax bill might go up, but that just means my investment is appreciating.)
I've seen these types of customizations worked out with /some/ rental property owners, depending on lease terms. Akin to commercial 'tenant improvements'.
>Your landlord may elect not to offer a lease renewal.
Funny you say that: I'm strongly considering buying, and my landlord elected to not offer a "heat pump renewal" when the A/C went out. Hello window units, goodbye rental hell. Rental markets are not all alike, and this one's not too healthy.
