Quote:
Originally Posted by HockeyIlliterate
Having nothing to show for 10 years of renting isn’t quite accurate.
The renter had optionality every year. Which is hard to show and see, but it certainly exists, albeit at some cost.
But for some, having options is worth the cost.
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And their landlord had the option to evict them.
Renting is great for young people. I can't imagine anyone with a family thinking it's a good option. The other major downsides:
-rent goes up over time.
-you have to pay rent your whole life, even after retirement.
-landlords rarely do proper upkeep.
-unless your renting a whole house, expect lousy and close neighbors.
-increased moving costs.
Calgary is a bit of unique market in Canada, in that the boom/shortage during the last oil boom was so extreme. However in most markets the value of property has gone up substantially over the last ten years, as has rents. Off an initial investment of $60k my rental property now clears $300/month and adds another $500/month towards capital payments. This is 10 years after purchase. It's also increased in value by $200k.