Renting v. Buying... Which Makes More Sense?

There is another great post today on KCMBlog.com that compares the costs of renting to the costs of buying. Several good points are made, among them that rents continue to increase. More importantly, though, is the argument concerning interest rates. Rates, while rising somewhat over the last month, are still historically low... so chances are good that the monthly mortgage payment you are able to negotiate now is the lowest it will be in your lifetime.
Even in markets where rent is cheaper than a mortgage, the future potential of rent increases is far more dramatic than a mortgage increase, which won't happen if you have a fixed rate loan. Specifically, "apartment dwellers could be facing double-digit rent increases in the coming years as a shortage of new multifamily units coupled with a rise in prime renter-age households gives landlords clout they haven’t see since the mid-1990s." With a fixed rate loan, you are much more certain of your future obligations. Why take this gamble?