It really depends on where you are. In many european countries it's traditional for the tenant to fix the problems. Washing machine broke? Get a replacement yourself. Pipes clogged? Call a plumber.
X% of tenants are reasonable and handle the repairs they are contractually required to handle smoothly.
(1-X)% of tenants are a massive headache, and call the landlord for every lightbulb that needs changing, threaten to sue you all the time, smash your property to pieces etc etc.
Compute the expected value, and compare with other forms of investment. In my experience, renting out a single property is not worth the expected reward, vis-a-vis other forms of investment. This changes if you can reap economies of scale from renting out multiple properties. (Cut-off point depends on ambient legal system, tax, your own background (e.g. if you are a lawyer, you can handle legal disputes yourself) etc.)
Excellent exposition!
You mean (100-X)% ?
Of course the best is to make it clear at the moment you rent, not when the issue arise.
Edit: I find it insane that most people in the US don’t see the advantages of renting. When you rent here, your housing cost is fixed for at least a year. Anything breaks, you call the landlord or leasing office and it gets fixed at zero cost to you.
I really miss renting. Now that I own a condo, I keep having to deal with unexpected expenses - fridge breaks, something comes off the drywall, microwave breaks, plumbing issues, etc. Plus, I don’t have the option anymore of moving closer to my kid’s school when she transitions to middle and high school (and those are quite far compared to her elementary school). I mean, I do, but selling a place and buying a new one is a monumental hassle compared to switching apartment leases.
I would go back to renting if I could.
The obvious downside is you'll never get any ROI beyond having a place to live like you may with property ownership. Homes are great when you have financial stability and freedom but can become a big shackle if you don't.
Therefore rental price to purchase price ratios have historically been lower, as well as home ownership rates. Rents in desirable cities are going up faster than they had been, though, and Berlin has quickly gone from being one of the cheapest cities in the country to one of the most expensive.