The response to this question may depend on your needs, but, regardless of where you are, there are a few factors to contemplate as you decide to rent out property. They include: the scope of tenants' rights, mandated disclosures, limitations on security deposit amounts, how difficult an eviction might be, and, of course, the property tax rate. That said, as New York is the home of institutions like Columbia University, New York University, and Cornell University in addition to tourist attractions like Central Park, the Statue of Liberty, and Times Square, there should be no shortage of short- or long-term tenants if your property is located close to them.