I was renting a place for $950/month starting in 2011, then for 2012 it went up to $1,050, then for 2013 the landlord wanted $1,350/month to renew. Meanwhile home prices were still low (30% of inventory still short sales in my area) and mortgage interest rates were under 4%. No-brainer. I now pay less in principal and interest than I paid in rent, for a much larger, nicer house compared to the apartment I lived in. And my mortgage payment is never going to go up. (My property tax bill might go up, but that just means my investment is appreciating.)
Funny you say that: I'm strongly considering buying, and my landlord elected to not offer a "heat pump renewal" when the A/C went out. Hello window units, goodbye rental hell. Rental markets are not all alike, and this one's not too healthy.