Renter:
There is a pet policy that does not allow pets to live in the rental property. If pets are allowed, there would be a pet rent of $100/month along with a pet deposit.
Subleasing the rental unit might be restricted, thus reducing the possibility of pocketing extra cash while away.
Rent is not tax-deductible, meaning it doesn’t help you save on income taxes.
Rent can increase. Rent control laws protect some properties from rent increase up to a certain percent/amount each year. Therefore, it is vital to research the rules for the same building you are about to lease.
Owner:
Purchasing a home can be an extensive process that can last a few months. It can be challenging to buy a property versus renting one. You need to plan for a down payment, how much mortgage you can get based on your income, complete the escrow process, etc.
Mortgage interest and property taxes are tax-deductible.
Real properties generally appreciate over time.
Your home is your asset. That means you can leverage it, for example, take a line of credit (LOC) out to finance your projects. Or treat the LOC as a rainy day fund.
Inheritance. You can pass on real properties to your heirs.
In 30 years, you will generally have paid off your mortgage. Your housing cost will drastically decrease.
As an owner, you will have full autonomy over your property regarding improvements and repairs. You don’t need to ask for permission to repaint your walls.