It happens. You manage to finally buy property in New York City, and then, for any number of reasons — a new job, new love, new priorities — you need to move out. Of course, you can sell, but it can be hard (and maybe even foolish) to give up your own slice of NYC real estate. That’s when the question of whether it’s better to rent vs. sell comes into play. Before you decide, here are important factors to consider.

Manhattan Rentals Under $3000 on StreetEasy Article continues below

Lenox Hill

416 East 78th Street

$2,195 No Fee

Studio |

1

Lower East Side

200 Allen Street

$2,300 No Fee

Studio |

1

Upper West Side

104 West 73rd Street

$2,800 No Fee

Studio |

1

East Harlem

243 East 120th Street

$2,395 No Fee

2 |

1

Lincoln Square

224 West 72nd Street

$2,695 No Fee

1 |

1

Yorkville

311 East 85th Street

$2,800 No Fee

1 |

1

Upper West Side

170 West 74th Street

$2,750 No Fee

1 |

1

Yorkville

519 East 81st Street

$2,400 No Fee

1 |

1

Murray Hill

320 East 42nd Street

$2,300 No Fee

Studio |

1

East Harlem

154 East 106th Street

$1,850 No Fee

Studio |

1

Soho

170 Spring Street

$2,850 No Fee

Studio |

1

Lenox Hill

232 East 64th Street

$2,450 No Fee

Studio |

1

Can You Rent Out Your Apartment?

First thing’s first: find out if it’s even possible to rent out or sublet your apartment. Subletting policies vary from building to building, with condos generally being more relaxed about the practice. That said, some buildings forbid it, while others limit the duration or frequency of sublets; there may also be a minimum residency requirement (i.e., you have lived in your building for at least two years). It is also common for co-op rules to require board approval of subletters; just because you like someone doesn’t mean your board will. These kinds of restrictions can shrink your pool of potential renters. (Own your own single- or multi-unit home? Congrats! You call the shots on who can live there.)

Manhattan Homes Under $750K on StreetEasy Article continues below

Yorkville

225 East 86th Street

$738,400

1 |

1

Soho

145 Sullivan Street

$525,000

Studio |

1

Murray Hill

210 East 36th Street

$415,000

Studio |

1

Sutton Place

245 East 54th Street

$699,000

1 |

1

Murray Hill

25 Tudor City Place

$275,000

Studio |

1

Sutton Place

245 East 54th Street

$650,000

1 |

1

Greenwich Village

173 Bleecker Street

$625,000

1 |

1

Hell’s Kitchen

357 West 55th Street

$695,000

1 |

1

Lenox Hill

235 East 73rd Street

$439,000

Studio |

1

Upper West Side

263 West End Avenue

$750,000

1 |

1

Hamilton Heights

540 West 146th Street

$230,000

1 |

1

Washington Heights

611 West 156th Street

$500,000

1 |

1

Do You Have the Time and Patience to Be a Landlord?

If you do have the approval to rent out your place, you should consider if you are up to the task of being a landlord. If a faucet leaks or something in the apartment breaks, your tenant will be calling you. Will you be available? Will you have the time and skills to address the situation promptly? If not, you can consider hiring someone to support you (perhaps an all-around handyperson), but of course, that expense affects your net income from the rental.

In some co-ops, the superintendent will only take repair requests from the shareholder, not the subletter. Are you willing to be the go-between for all communications? And if your tenant is less than ideal — creating issues in the building or being late with payments — are you prepared to deal with that aggravation and even possible credit issues? When it comes to rent vs. sell, lastly, it’s important to understand the legal aspects of being a landlord, and the local and state tenants’ rights you must comply with.

Brooklyn Rentals Under $3000 on StreetEasy Article continues below

Fort Hamilton

9602 Fourth Avenue

$1,575 No Fee

Studio |

1

Bay Ridge

7421 Sixth Avenue

$2,900 No Fee

2 |

1

Midwood

1440 Ocean Parkway

$1,675 No Fee

1 |

1

Fort Greene

446 Carlton Avenue

$2,800 No Fee

2 |

1

Carroll Gardens

196 Sackett Street

$2,650 No Fee

1 |

1

Homecrest

2626 Kings Highway

$1,695 No Fee

1 |

1

Ditmas Park

1115 Dorchester Road

$2,495 No Fee

1 |

1

East Flatbush

4411 Church Avenue

$2,030 No Fee

2 |

2

Gravesend

8700 23rd Avenue

$1,900 No Fee

1 |

1

Sunset Park

6020 3rd Avenue

$2,769 No Fee

2 |

2

Ditmas Park

1618 Beverly Road

$2,500 No Fee

2 |

1

Ditmas Park

1618 Beverley Road

$1,775 No Fee

1 |

1

What Is Your Home Worth?

If you need cash right away for a down payment on another home, selling your apartment makes the most sense. (You may want to read our guide for buying and selling a home at the same time). However, if you’re not in a hurry, it pays — literally — to dig deeper. To figure out whether it makes more sense to rent vs. sell, you need to investigate what your place is worth in either scenario.

How much will you get if you sell your home today?

The StreetEasy Data Dashboard is a great starting point to find the median sales price in your neighborhood. You can also consult a real estate agent who will create real estate comps to determine home value.

Additionally, StreetEasy offers tools for NYC home sellers. To start exploring your options, get your free StreetEasy Valuation.

When it comes to maximizing your profits, how long should an NYC homeowner wait before selling their home? Danielle Rial, a licensed real estate salesperson with Brown Harris Stevens, notes, “In New York, the sweet spot for owning a property is about 10 years. If you can hold onto it that long before selling, you can usually see an excellent appreciation in value.” In some cases, Rial has seen sales price increases as high as 65%  of the original purchase price.

And here’s another useful tip: If you renovated your apartment, add those costs to your original purchase price and compare it to the current asking prices. This can be a quickie way to settle the rent vs. sell debate: Will you make a significant profit — or will you lose money? Don’t forget to include the additional expenses that can come with selling property in New York City such as closing costs — yes, sellers pay them too.

Queens Rentals Under $3000 on StreetEasy Article continues below

Sunnyside

45-36 39 Place

$1,850 No Fee

Studio |

1

Jamaica Hills

87-05 166th Street

$1,625 No Fee

Studio |

1

Woodside

64-05 35th Avenue

$2,100 No Fee

1 |

1

Elmhurst

85-05 Elmhurst Avenue

$1,700 No Fee

1 |

1

Elmhurst

85-11 Elmhurst Avenue

$1,689 No Fee

1 |

1

Sunnyside

42-09 47th Avenue

$2,400 No Fee

1 |

1

Murray Hill (Queens)

34-01 Parsons Boulevard

$1,640 No Fee

1 |

1

Astoria

25-15 Crescent Street

$2,500 No Fee

1 |

1

Auburndale

32-35 204th Street

$2,100 No Fee

2 |

2

Briarwood

139-21 85 Drive

$1,800 No Fee

1 |

1

Ditmars-Steinway

24-19 35th Street

$1,600 No Fee

1 |

1

Murray Hill (Queens)

147-19 34th Avenue

$2,060 No Fee

2 |

1

Research Rental Prices in Your Area

Renting out a New York apartment can be lucrative, especially if yours is in a desirable neighborhood. The StreetEasy Data Dashboard is a great tool for finding the median asking rent in your area. Compare current rents to what you pay monthly for your home, and don’t forget to factor in any sublet fees your building requires.

“You may also want to calculate an annual five percent rent increase,” says Rial, although she notes that sometimes private landlords prefer to keep the increase smaller to entice good tenants to stay longer.

Once you calculate all these factors, take a look at the total. Is the price differential enough to make it worthwhile for you? This can be key in deciding not only whether to rent vs. sell, but also what rent to charge.

Queens Homes Under $750K on StreetEasy Article continues below

Briarwood

139-15 83rd Avenue

$310,000

2 |

1

Little Neck

57-43 246 Crescent

$299,000

2 |

1

Kew Gardens

83-71 116th Street

$388,800

1 |

1

Springfield Gardens

187-16 Ridgedale Street

$699,000

4 |

1.5

Jackson Heights

34-41 85th Street

$375,000

1 |

1

Murray Hill (Queens)

36-20 168th Street

$550,000

2 |

1

Middle Village

71-49 Metropolitan Avenue

$599,000

2 |

2

Astoria

30-38 29th Street

$469,000

Studio |

1

Maspeth

57-38 57 Drive

$550,000

2 |

1.5

Jamaica Estates

87-40 Francis Lewis Boulevard

$175,000

1 |

1

Jackson Heights

72-17 34th Avenue

$349,000

1 |

1

Beechhurst

166-25 Powells Cove Boulevard

$549,888

2 |

2

What About Housing Market Trends?

The New York real estate market can be unpredictable. That’s why the question of whether to rent vs. sell can be difficult to settle. Housing market trends are in constant flux — ebbing and flowing, with prices rising and falling. If sales prices appear a bit flat, it may be the best bet to rent during a buyer’s market. Rial says, “you could sublet your place for a few years and sell at a later date when sales prices go up. That way, you reap the dual benefits of having income in the meantime while your apartment appreciates in value.”

On the flip side, if you can’t fetch a rent that’s profitable for you, or if your neighborhood is becoming a prime location for first-time buyers, it may be in your best interest to sell while the bidding is hot.

No matter what, it’s important to be educated about what’s happening in the NYC sales or rental markets. A great way to stay on top of those trends is StreetEasy’s Market Reports, which offer numbers and analysis on real estate in the city.

Brooklyn Homes Under $750K on StreetEasy Article continues below

Prospect Park South

25 Parade Place

$699,000

1 |

1

Homecrest

2311 Gerritsen Avenue

$628,000

3 |

2

Clinton Hill

185 Hall Street

$600,000

1 |

1

Homecrest

2140 Ocean Avenue

$510,000

1 |

1

Midwood

1401 Ocean Avenue

$548,000

1 |

1

Flatlands

2239 Troy Avenue

$258,888

1 |

1

Homecrest

1661 East 19th Street

$665,000

2 |

2

Clinton Hill

195 Willoughby Avenue

$659,000

1 |

1

Sheepshead Bay

2517 Voorhies Avenue

$534,900

1 |

1

Flatbush

1462 Flatbush Avenue

$540,000

1 |

1

Flatbush

1462 Flatbush Avenue

$500,000

1 |

1

Flatbush

1462 Flatbush Avenue

$450,000

1 |

1

You’ve Made Your Decision Regarding Rent vs. Sell

Regardless of your decision to rent vs. sell, you should polish up your place to its best condition to command the highest sale or rental price. Keep in mind that the improvements and upgrades you choose to do may not be the same, depending on whether you decide to rent or sell your home. For instance, a slightly dated kitchen in a desirable neighborhood could be fine for a renter but could be a deal-breaker for a buyer.

If you’re selling your place, know that an appraiser or inspection engineer will assess your apartment. Be sure to complete any improvements or critical repairs before they come calling. Also, keep in mind these tips on how to get your home ready to sell. Many people hire a real estate agent to handle the logistics of selling but it is also possible to list it yourself, which can help save yourself the commission fee.

If you’re subletting, make sure your apartment is a solid rental property. Thoroughly check the basic requirements for habitability: working appliances, an AC unit, smoke detectors, no water leaks, etc. 

^{Disclaimer: StreetEasy Valuation is our estimate for a home’s market value and is not an appraisal. Use it as a starting point to determine your home value and monthly rental price.}