Is it permissible for me to rent out the property while I am in partnership with the bank?

Not automatically.

Because the bank still owns a stake in the property, subletting to a third party may require its approval or be subject to contractual terms.

Before signing a lease with a tenant, ask the bank in writing if subletting is permitted and if there are any restrictions on the term, use, or transfer of rental income.

Source

• AAOIFI — Sharia Standards