Because owning a property involves putting money down, maintaining, being exposed to market value fluctuations, etc. on a very expensive and relatively non-liquid asset.

Sure, buying would mostly have been the right financial decision in the Bay area at least over the past decade for most people. But, especially if I don't want to deal with home ownership, can find an attractive rental property, and want to maintain flexibility, paying a premium to rent can absolutely make sense.

Because the you don't have the savings for the downpayment to qualify for the mortgage with the payment at issue.

Because property ownership cones with more expenses than just he mortgage, many of which remaining with the owner in most leases.

Because no one is selling single units of the type you want at the time, but someone is renting them out.

Because you're bearish on the housing market and prefer the risk of paying too high a rent at the end of a relatively short lease term to longer-term exposure to risk of loss of property value.

Because you intend to have a federally controlled, even if state legal, substance on the property, and want to control your exposure to risk from civil forfeiture.

Etc.

Etc.

Etc.