Yet the hot rental market where rates have risen 33 percent, has some owners considering renting their apartments. It’s a sound and safe long-term investment that also has tax concessions. And needless to say, the high rents we’re seeing in the market today should cover the owner’s monthly costs with the added bonus of a potentially nice ROI.

We can expect rents to continue to rise in Manhattan, Brooklyn and Queens where they are dealing with high demand and low inventory, leading to bidding wars. According to Miller Samuel, “Manhattan’s net effective median rent and face rent were at their highest level on record, while the vacancy rate remained below two percent for the fourth consecutive month.”

The rental market could be lucrative, giving owners more options–whether looking to upgrade to a larger apartment or leaving New York altogether. Keeping in mind everyone’s real estate goals are unique, rental terms will vary based on a variety of factors. One- to two-year leases are most common and the rental rate will depend on the neighborhood and the unit itself. It’s always wise to consult with a real estate professional if you decide to rent your apartment. They should help you smartly price your unit and ensure the agreement terms drawn up provide protection.