It's the same bargain as being dependent on anyone else for anything else. Whether it's a problem depends on how abundant that "something else" is, which depends on the larger societal context.
I'll give an analogy: my dad used to hoard toilet paper, preferring to "own" large stockpiles of it rather than just get it as necessary from the store. Why? Because he grew up in WW2, in an occupied country, and had to shit in the river and wipe his butt with stones. This doesn't even compute for my American-born generation: to us, the supermarket is always there, and if you need toilet paper you go buy it.
Similarly, if you can assume that another rental will always be there when you need it, there's no need to own. And in dense urban areas with lots of landlords, that's a pretty valid assumption. Somebody refuses to rent to you (which has happened), just rent from somebody else. I'd rather own financial assets like stock - which I can take with me anywhere, and which usually have a much greater monopoly position than the landlord - and then use the income thrown off by them to rent accommodation.
Would I be fucked if there were a financial crisis or breakdown in social order? Yes. But if I were to own a typical 1/4 acre suburban detached home, I'd still be fucked - because you're still renting water & sewer access from the city, electricity from the utility, Internet from Comcast, food from the grocery store, etc, not to mention that your ownership only extends to your ability to pay the bank monthly. If you want to actually be secure & independent, you not only need your own land with a sturdily-built home, you also need solar panels, well water, a septic system, and obscurity. And you need to own it free & clear with no debts.
A similar logic applies to people who take Uber instead of owning a car, or who pay monthly for a SaaS instead of buying software outright, or who get food delivered rather than owning cookware and cooking themselves. As long as they can count on the service always being available, it works.