Actually I encourage many folks to lease/rent today. The RE market is still pretty volatile and has shown little, no and in some areas even negative growth. About 1 percent per month or 5 percent so far this year in this region. There's just too many economic indicators to the down side right now.
Employment, energy, agriculture, the world economy, stocks, bonds, commodities, et. al. are all areas of concern presently. Some hard money lender are even beginning to see their investors (buy, rehab, turn and burn) aging some of their inventories North of six months.
Add to that the fact that of our 77 million baby boomers, of which I am one at 65, 10,000 a day are and will be hitting retirement for about the next 20 years. A good percentage of these folks could care less about owning RE anymore. They've been there and done that. What they are now looking for is an un complicated quality of life.
True, I'm in the business of buying and selling RE and will continue to do so with the right people But I have to say that there's nothing wrong with renting or leasing nowadays. Folks that want to rent or lease will be doing so with folks who want to invest in the rental/lease market which is growing by leaps and bounds as we speak.
If 1065 Sherlock Ln in Huntington Beach hits your hot button, has the amenities and conveniences and offers you the quality of life you desire then I say go for it.