The best thing I have noticed is that if you lucky enough, your landlord will incorporate all your utility and water bills into the rent. Maybe the rent is higher but just the thought of somebody else paying for your utility bills gives you one less headache to worry about. The only thing you have to worry about while renting is how to pay your rent every month which is the most important part the Landlord cares about since he/she has to pay their mortgages. If you can find a great tenant who pays on time and don’t complain that much than being a landlord is a good thing provided you are ready for it.
The disadvantages are that the property is not yours to start with. Every month you are paying is either going down the drain since you are not building equity on other people's property? In fact you are helping the landlord build his/her equity in the house you are renting. But on the other hand you can save some money while renting so that you have enough money for down payment.
Another thing that I have noticed recently, that you can be out of your rental house before even your lease is up if the landlord defaults on his/her loans and they have to declare bankruptcy or the house goes into foreclosure. There is no emotional attachment to the rental place even if you make that house your home for years and years to come. Ultimately you know that you may have to leave if the rent increases or if the owner wants to sell the house or forever reasons which are not in your control. Although you can see that the advantages outweighs the disadvantages but still I will insist that if you have the money there is no better investment than owning a house or two.