Renting a home can be an ideal option for those wanting extra flexibility and less responsibility. With renting, you're not tied to the property long-term and it is true that you pay less upfront costs. Most landlords will ask for first and last months rent as well as well as a security deposit. Rental contracts can very in length however most landlords choose a duration of 12 to 18 months. Regardless of the length of your rental contract, your landlord can choose to raise your rent and impose restrictions each time you renew.
Keep in mind when you are seeking a rental you will be required to pay a nonrefundable application fee and most landlords will require a background check and a credit check. Some landlords will require you to have funds in the bank that equal at least three time the rent of the property. Remember when you rent, you are paying your landlords mortgage and helping him/her to build equity. When you own your home your are building your own equity and personal wealth.
