It Is a worthy alternative to owning. Depending on the market, it may even be the best choice if you are disciplined enough to put away savings. As is said, "owning is just a forced savings plan."

Some find renting to be the right move at a particular time in their lives, especially when the future in uncertain.  Beware of advice often given to seniors that renting is the best option after the homestead is sold.  Not so, use the equity to buy suitable housing and keep the equity best serving your needs.  Unless one is prepared to be an aggressive investor in the stock market, rent at this stage of life is money out the window.  

Here is some advice on finding your rental housing and relating to your landlord.