Sell or Lease? What to Do With Your Apartment During a Temporary Relocation

If you’re relocating to another city for a few years, one big question often comes up: Should you sell your apartment or lease it out while you’re away?

There’s no one-size-fits-all answer, but here are some key factors to help you weigh your options.

1. Are You Coming Back?

If you plan to return, leasing may be the smart move. It allows you to keep your property and have a home waiting for you. But if there’s uncertainty or you’re planning to settle elsewhere, selling might be more practical.

2. Market Conditions

If property values are strong and buyer demand is high, selling could help you capitalise on the market. If the market is slower, leasing may be a better way to generate income until conditions improve.

3. Financial Needs

Leasing can provide steady income to help cover mortgage and maintenance costs. Selling, however, gives you access to immediate funds, which can be useful for relocation expenses or other investments.

4. Managing the Property

If you’re worried about managing a rental from afar, a professional property manager can handle everything for you—renter screening, maintenance, and rent collection. If you’d rather not be a rental provider, selling offers a clean break.

5. Tax Considerations

Leasing comes with tax obligations and potential deductions, while selling may involve capital gains tax. It’s wise to consult with a financial adviser before making a decision.

The Bottom Line

If you’re relocating short-term and your apartment is in a good rental area, leasing often makes sense. It keeps you in the market and gives you options when you return. But if you prefer simplicity and a fresh start, selling may be the better fit.

Speak with a local real estate expert to weigh up your options and find the right solution for your situation.