Local economic conditions (incomes and rising rents especially) and renter laws aren't equal everywhere. Here in NYC market rate renters can expect 4-10% rent increases a year and can be tossed out for almost any reason whatsoever. In SF they have the Ellis Act. My understanding is that in places like Germany, where renting is common, things are very different (renters are some kind of partial owners of the places they rent, and enjoy much greater protections than in other places.)

In the most difficult US markets, ownership is a lifeboat on a wild economic sea if you can come up with a downpayment or, even better, can buy outright, as rents tend to grow much more slowly than property taxes. This is doubly true if you own an apartment rather than a house and can just pay a maintenance fee rather than dealing with paying for it yourself.