[sokoloff]

People who would rather buy houses than rent should feel free to do so. No landlord is forcing someone to rent their property.

It is often the case that renting is quite a bit cheaper and always the case that it's more flexible to do so, which is why a lot of people choose to rent instead of buying. Society benefits when people who wish to rent housing have housing available for lease.

[airza]

It's certainly more feasible to rent if you don't have the money to buy a house, which is why every single renter i know is doing do. I'm just not sure why this is necessary or a valuable economic innovation that justifies the rent paid.

[toast0]

Rentals are a useful innovation because the transaction is beneficial for both parties.

The leasor turns their large investment into a stream of payments, and the leasee turns their stream of payments into use of a large investment without having to make such an investment and without needing to have the capability to make that investment.

Avoiding making a large investment in property makes it easier for the leasee to move if needed, since there aren't significant costs to unwind a lease like there are to unwinding property ownership.

[em500]

You're not sure why it's a valuable economic innovation that people who don't have the money to buy a house can rent one? What alternative are you suggesting, that they should get a house for free?

[jtolmar]

But the price of buying a home would be a lot lower if there was no rent (or other ways to own a home you don't live in). There are more homes than there are people.

[sokoloff]

Just about every 4-plex and apartment building in the world wouldn't exist if there was no rent to pay for their construction.

(On a much more minor note, there are not more housing units (about 140M) than people (about 335M) in the US and probably not in the world; though that's literally what you claimed, it's probably not what you really meant to claim. Taking the most charitable re-interpretation of your claim: there are slightly more housing units than households (about 140M vs about 130M) in the US. See above about the prediction that many of these housing units likely not existing [or continuing to be offered/maintained] if rent were outlawed.)