In this constantly-evolving economy, it may be difficult for renters to keep track of when it's better to rent and when it might be time to buy.

Fortunately, according to Investopedia, there are several concrete reasons why renters have a financial edge over homeowners in the current housing climate.

One of the most important is the lack of responsibility for repairs. It is a landlord's duty to maintain the condition of their rental unit, so renters are well within their rights to refuse to pay for any repairs or maintenance necessary during their tenancy. Homeowners, on the other hand, have to foot the bill for any little problem that comes up – unless it's covered by insurance.

On that note, insurance is another costly necessity for homeowners. Renters don't need a policy, but if they choose, they can find a renter's insurance policy that is generally cheaper than a standard homeowners policy.

Mobility is another plus to renting that younger tenants might enjoy especially. While getting settled in their lives, it is important for people to have the ability to move and find a new job or new city. Renters can simply put up a Craigslist posting and move their apartment in no time. Homeowners, on the other hand, have a much longer process.