First and foremost is the math. Factoring in your mortgage, taxes, insurance, maintenance, and misc expenses for upkeep of your condo, will you make money by renting on a cash flow basis and a tax adjusted basis?
Second, can you be a landlord without adding stress to your life?
Third, do you have the knowledge and the bandwidth to understand laws associated with renting out in Hoboken? Do you understand rent control laws? Do you know what paperwork you need to file annually?
A good real estate agent who is an expert in finance can help guide you. Ultimately, it would be your decision, but I am happy to help you.
I previously worked in finance, have lived in downtown Hoboken for almost a decade, and am a landlord myself. If you want to discuss, please call 732-788-6560 or drop me an email at dalia dot tole at kw dot com.