Sell occupied or vacant?
Sell with tenants if the rents are solid and the tenants pay on time. Investors buy on income, and a building that's already producing is easier to finance and value.
Sell vacant if the rents are well below market, the tenants are a problem, or the house would appeal to an owner-occupant who'd pay more. Just remember New York's tenant protections: you need to follow lease terms and proper legal process. Talk to your attorney before asking anyone to leave.
Price it like an investor will
Buyers will look at the rent roll, the expenses, the tax bill and the condition, then run DSCR and cash flow. Do it first so you price it right. Our deal analyzer uses the same math buyers use.
Get your paperwork ready
- Current leases and a rent roll, including who's month-to-month
- Security deposit amounts (they transfer to the buyer at closing)
- Utility responsibilities and recent bills
- Any rental registration, certificates or code issues
- Recent repairs and the age of the roof, boiler or furnace
Showings with tenants
Give proper notice, keep showings to set windows, and treat tenants well. A cooperative tenant helps you sell; an annoyed one can make every showing harder.
Written by James Wangelin and Marcy Wangelin, associate real estate brokers with eXp Realty. Updated October 2026.
Questions we get
Common questions
Can I sell my rental property with tenants in it?
Yes. Leases generally transfer to the new owner, along with security deposits. Many Buffalo rentals sell occupied to investors.
Should I raise rents before selling?
Bringing rents closer to market can raise the value, but only within the lease terms and the law. Ask your attorney before making changes.
Do I pay taxes when I sell a rental?
Usually there are capital gains and depreciation recapture. Some investors use a 1031 exchange to defer taxes. Talk to your accountant before you list.
Thinking about selling a rental?
James will tell you what an investor would pay, and why.