Should I rent or sell my house?
If you’re planning a move and wondering what to do with your current home, you’re not alone. One of the most common dilemmas homeowners face is whether to rent out their home or sell it. It’s a big decision — financially, emotionally, and logistically. And there’s no one-size-fits-all answer. The right path depends on your financial situation, the local real estate market, your long-term goals, and your appetite for responsibility. Let’s break down the pros and cons of each option to help you make the best decision for your future.
Selling your home can be the simplest option in many cases. It gives you a clean break — one less property to maintain, fewer financial obligations, and immediate access to any equity you’ve built up over the years. This can be especially helpful if you need the proceeds from your current home to help fund your next down payment or other life expenses. It can also reduce your risk: no worrying about tenants, property damage, or emergency repairs in the middle of the night. If your local housing market is strong, you might even be in a position to sell quickly and for a price that reflects recent appreciation. That said, there are still things to consider. Selling usually involves closing costs, agent commissions, and potentially capital gains tax if your home has appreciated significantly beyond the IRS exclusion thresholds. You’ll also be saying goodbye to any potential future value increases and the opportunity to generate passive income through rent.
Renting your home, on the other hand, allows you to turn it into a long-term investment. In a strong rental market, this can provide consistent monthly cash flow, help you build equity while your tenants pay down the mortgage, and even offer valuable tax benefits like depreciation and deductions for repairs, maintenance, and management fees. This can be an especially appealing option if your home is in an area with high rental demand — such as near a university, hospital, or major employer — or if you see future value in the location due to planned development or growing popularity. Renting may also make sense if you're unsure about your next step and want to keep your options open. Some homeowners choose to rent because they plan to move back to the area in the future, while others do it because they want to begin building a real estate portfolio and see their current home as a perfect first rental.
Of course, renting isn’t for everyone. Being a landlord means taking on responsibilities that go beyond simple ownership. You’ll need to find and screen tenants, handle repairs, enforce lease agreements, and deal with the possibility of vacancy or late rent. Even the most well-maintained properties can come with surprises — from a broken furnace to a water leak or a tenant breaking a lease. These situations can be stressful and costly, particularly if you’re managing everything yourself. That’s where hiring a professional property management company can make a world of difference. At Monon & Main, we specialize in working with new landlords and homeowners who want the benefits of rental income without the day-to-day headaches. We handle everything from marketing the property and screening tenants to collecting rent and coordinating maintenance — so you can step back and enjoy the income without getting bogged down in the details.
So how do you know what’s right for you? Start by asking yourself a few key questions:
Do you need the equity from your current home to buy your next one? If so, selling might make more financial sense.
Can you afford to keep the home as a rental while buying another? If the numbers work, this could be the start of building long-term wealth through real estate.
Is your home in a desirable rental market? Homes in walkable neighborhoods, good school districts, or near major employers tend to perform better as rentals.
Are you emotionally ready to let someone else live in your home? Renting out a property you once lived in can feel very personal — and that emotional tie is something worth acknowledging.
Do you have the time or resources to manage a rental property? If not, would you be willing to hire a property manager?
It’s also smart to run the numbers. Look at what comparable homes in your area are renting for, and calculate whether that income would cover your mortgage, taxes, insurance, and repair reserves. Factor in the occasional vacancy and unexpected expenses. On the flip side, get a realistic estimate of your home’s market value and net proceeds after selling costs. Sometimes, selling brings you the most financial gain upfront — but renting could offer a stronger long-term return.
In the end, deciding whether to rent or sell is about balancing short-term needs with long-term goals. If you’re looking to simplify your life and move on, selling could be the way to go. But if you're interested in generating passive income, leveraging your existing equity, and starting to build wealth through real estate, renting might be the smarter play — especially with the right support in place.
At Monon & Main, we’re here to help you navigate both options. Whether you want a hands-off rental property or just need help analyzing your situation, we’re happy to talk through your options. We know that real estate isn’t just a transaction — it’s a tool that can shape your financial future. And our job is to make that tool work for you.
If you're still unsure, reach out. We offer complimentary consultations and rental evaluations so you can make a decision that’s rooted in both numbers and peace of mind. You don’t have to figure it out alone!
