If your home has been listed but you haven’t received any offers that feel right, you might be asking yourself: what’s the next step if it doesn’t sell? More and more homeowners are now facing this question and considering a fresh option—should I just rent it out instead?

In the real estate world, they have a name for this—an accidental landlord. Yahoo Finance puts it like this:

““These ‘accidental landlords’ are homeowners who tried to sell but couldn’t fetch the price they wanted — and instead have decided to rent out their homes until conditions improve.”
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— Yahoo Finance

Why This Is Happening More Often Right Now

These days, more and more homeowners are finding themselves becoming accidental landlords. Business Insider breaks down the reasons behind this trend:

““While there have always been accidental landlords . . . an era of middling home sales brought on by a steep rise in borrowing rates — is minting a new wave of reluctant rental owners.”
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— Business Insider

Sales have slowed because buyers are finding it harder to afford homes right now. As a result, some homeowners are seeing their listings linger without much interest. Instead of lowering their price to attract buyers, some are choosing to rent out their properties instead.

If you're thinking about renting out your house, keep this in mind: being a landlord likely wasn't part of your original plan, and for good reason. It involves a lot more responsibility and risk than most people realize.

If you’re thinking about going for that option, take a moment to ask yourself these questions first:

1. Does Your House Have Potential as a Profitable Rental?

Just because a place is available to rent doesn’t always mean it’s the right choice. For example:

• Moving out of state? Handling repairs and upkeep from miles away can be a real challenge.

• Does your place need some work before it’s ready for tenants? And do you have the time or budget to make that happen?

• Is your neighborhood a spot renters are looking for—and would renting actually make financial sense for you?

If any of those things give you hesitation, it could be a sign that selling is the smarter choice.

2. Are You Ready To Be a Landlord?

Renting out a property might seem like a simple way to earn passive income, but in reality, it usually plays out quite differently. Here's what it often looks like:

• Getting those midnight calls about a leaky toilet or a busted AC

• Having to track down tenants when the rent’s late

• Fixing the wear and tear (or worse) once someone moves out

According to Redfin...

““Landlords have to fix things like broken pipes, defunct HVAC systems, and structural damage, among other essential repairs. If you don’t have a few thousand dollars on hand to take care of these repairs, you could end up in a bind.”
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— Redfin

3. Have You Thought Through the True Costs?

Bankrate points out a few hidden costs you’ll want to keep in mind if you’re thinking about renting out your home:

• Landlord insurance usually costs more—about 25% higher than a standard policy.

• If you hire a property manager, expect to pay around 10% of the rent for their services.

• Don’t forget ongoing costs like maintenance and advertising to keep the place filled.

• And then there are the gaps—those stretches between tenants when the mortgage is still due, but no rent is coming in.

It all piles up quickly.

Renting can be a good choice for the right person and the right home, but if you’re only thinking about it because your listing hasn’t gained attention, there might be a better option. Try talking with your current agent and take another look at your home’s pricing strategy before making any decisions.

With their guidance, you can adjust your strategy, set the right price, and draw in serious buyers to close the deal.

Bottom Line

Before you commit to renting out your home, take some time to really think about the benefits and challenges of being a landlord. For many homeowners, the effort and costs involved might outweigh the advantages.