Living in a rental house presents advantages which you should not abuse to your detriment. Apart from the general social expectations of good conduct, there are no scripted rules as is the case in hostels and halls of residence.
You can, for example, get as many visitors as you want and they are at liberty to leave at any time they want or even speed a night. This is not the case with hostels or halls of residence where visitors, especially of the same sex, are expected to leave by a certain time.
Similarly, you have the liberty to come back to your room any time you want. This will offer you time to do all what you feel suits your academic goals without limitations on when you should go to bed.
The experience of being in-charge of your life without set rules, if well managed, is a good beginning in preparing to face the world after school as a responsible adult.
You can continue living in the same room after your course as you enbark on job hunting or business.
However, some students argue that a hostel creates a communual feeling.
You build friendship and rely on each other. If one does not have basics such as soap, he or she can walk to the next room and ask for help, which is quite hard with rentals.
But the choice is yours.