If you have a property that you're not currently live in, you have plenty of options what to do with it. A property means a lot of money but if you just keep it without being used, that is closed money that you need to release. You need to profit from your property. That's where the question of renting or selling comes in.
To answer the question right away - which one is better - we say renting is better.
So why is renting better than selling your property? There are more things that are important to mention, but some are quite obvious if you look at it.
The first and the most important thing about renting rather than selling is that when you rent your property you get money for simply letting someone else take care of your own place. Usually, the amount of the monthly rent is 1% of the value of the property. That means if you have a house that's worth around $300.000, the rent you should be asking for it is $3.000. This basically means that your house stays yours, the amount of $300.000 is still yours and you can use it whenever you like it, but in the meantime, the tenants will give you $3.000 each month just to keep the dust off the furniture in the living room. When you feel like you don't like to care about the house anymore, you'll just sell it and use the money for other purposes.
The second thing that's important and why is renting better than selling is that this is the best investment a person can make in its life. It is the best way to leave something for the next generations and to prove that they lived a successful life. All rich people invest in real estate. Real estate is the best investment as their price never goes down and you can only profit from having more property on your name.
The third reason why is renting better than selling your property is that money will always come in your pocket. If you sell your property, you'll get a lump sum that will probably cover some debts or will be used as an investment. This means the money you'll get will soon vanish of your account. Money is meant to be spent, right? Of course, but if you like to play smart and always have money, rent your property and have extra earnings each month. If your property is highly valued, you might even live off the rent and only work at a place that makes you happy but it's not highly paid. The options are yours.
There are some downsides, of course. One of them being taxes and obligations toward the state. Also, things around the house need to be maintained regularly and this is your job. These, however, are small issues. The money that comes from renting a place is much more valuable.