While I'm inclined to agree - I wonder why you are still in a basement if you're renting? Surely the benefit of renting is the ability to quickly change living environment as you want, rather than stay somewhere you're unhappy for ten years?
1) Possibly to decrease coats of living?
2) Location might not have much better to offer? (Dunno how likely?)
3) Social situation (family, friends, niche industry?)