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Bingo!You can purchase your own modem. Call your cable provider first and make sure it is on their approved list. That way they will be able to add your modem to their inventory so they can put it on your account and get it talking to their headend.
However, consider how often you've had to call for service on your current rented cable modem.The advantage to renting - if anything happens to the service on that modem, they usually replace, unless you have damaged it upon repair. They'll still replace it, but charge you for the damaged one.
The advantage of owning your own modem is not paying the monthly fee. Ours here is $7 a month. Mine is also a phone modem.
The disadvantage, if you have issues with your own modem and they have to come out, most cable providers will not check out your owned modem. They will check the signal levels up to the modem. If they do check your modem, they may code out your service call to include a service call fee as much as $50.