Renting for life isn't the same thing as being indebted for life. You can move out at any time and the landlord doesn't have any hold over you. Doesn't sound much like peonage to me.

Only if you are renting month to month

Is it common to pay for longer periods at a time? Never heard of it.

Yes...usually you sign an agreement for the year in Apartment Complexes for instance. They also raise the price each year and make you sign. I do not miss apartment living

Not a native speaker so I'm not sure what you call an apartment complex, but I've lived in apartments that were in complexes of multiple buildings and never heard of paying per year. That sure seems to suck.

Currently I'm unsure where I will/want to settle down.

I also manage to save some money monthly, which I invest in diverse markets. So my thinking is that at there isn't (or "shouldn't be") any rush for me to buy property.

But news like this obviously goes against that and will have me revisit the idea.