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Average rent prices across the country. Nationally, the median rent in 2019 for a one-bedroom apartment was about $1,060 and about $1,315 for a two-bedroom apartment.
While buying a piece of property like a condo can be a reliable choice for building future wealth, renting an apartment can be much cheaper each month when compared to a mortgage payment. You avoid paying HOA fees, homeowner's insurance, and property taxes when you rent.
Most landlords will verify your income when you apply for an apartment, but for tax credit properties, income verification is required by law. Typically, income counted for rental purposes includes your regular payments for employment and may include income generated by investments or other assets.
Tenants own the tenancy, not the freehold. However a tenancy is a property right and under the Law of Property Act 1925 one of the two types of legal estate which exist in law. While they own the tenancy, tenants and their visitors etc) are the sole people who have the right to enter and use the property (subject to police with warrants, etc).