But not nearly as good as being able to buy it (assuming the single-family, multi-year home that the author is describing). Communities need both options, but the current climate leans far too heavily toward renting in situations when buying would be better for everyone.
The usual argument I see for renting being good is that up-front barriers make home buying hard for a lot of people and that transaction costs make it impractical for short tenures. If those were independently solved somehow would renting still have notable advantages?
* Other investments may outperform home equity, even taking into account imputed rent, especially if homes are sustainably affordable (read: have no return).
* Other investments may be less correlated with your earning potential.
* Risk of being underwater.
* Risk of an expensive, unexpected maintenance or repair item.
* Chores you are no longer paying for, you have to do yourself.