Some disadvantages of renting a home are not have the freewill to: modify the home, have pets, or allow just anyone to live in said home without the landlord's permission; the renter must abide by the landlord's policies, or s/he may get fined/evicted.
On the other hand, renting provides consumers the benefit of: being able to move out freely after the contract is over, not having to pay for mortgage, not having to permanently commit to the home, and not being obligated to upkeep major maintenance.