Unlike owners, renters do not incur any maintenance or repairs bills and they don’t have to pay property taxes. Renting typically requires a one-month security deposit, while a homebuyer is required to make a substantial down payment, which is typically around 20% of the property’s value. Generally speaking, renters also enjoy lower utility bills, greater flexibility in where they live, and access to amenities like a pool or fitness center that might otherwise be prohibitively expensive.