When your house stays on the market longer than you expected, it can get frustrating fast.
You start wondering, what now? And for a growing number of homeowners, that quickly becomes, should I just rent it out instead?
Becoming an “accidental landlord” might seem like an easy backup plan, but it’s a bigger decision than most people expect. It happens when someone plans to sell, doesn’t get the price or interest they wanted, and chooses to rent the house instead.
And lately that's been happening more often.
Why the Number of Accidental Landlords Is Rising
If you’re trying to decide whether to rent or sell, here’s what to keep in mind. First, you’re not alone, and that can actually be reassuring.
According to Zillow, about 2.3% of homes for rent were once listed for sale not a huge number, but it’s the highest share in nearly six years.
Before you jump in, slow down and take a look at the whole picture. Ask yourself these three questions first.
1. Would Your House Actually Work as a Rental?
What’s right for you really depends on your location, the condition of your home, and what the rental market looks like in your area. Here are a few things to think through:
If you’re moving out of the area, do you have a plan for handling maintenance and repairs from a distance?
Does your home need any work before it’s ready to rent, and do you have the time, energy, and budget to take that on?
What’s the rental market like where you live? Are there a lot of vacancies right now?
How much rent could you realistically expect to bring in each month?
As C&C Property Management explains:
““At the heart of any rental market is the balance between supply and demand. When more tenants are looking for housing than there are available units, rental prices rise. On the other hand, if new construction adds hundreds of apartments or homes to a neighborhood, prices can soften as tenants have more choices.”
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If your home might have a hard time standing out or getting the rent you’re hoping for, that’s definitely something to think about. Just because you can rent it out doesn’t automatically mean it’s the right move for you.
2. Are You Ready To Be a Landlord?
This is the part most people don’t really think through at the beginning. On paper, renting sounds like simple passive income. But in real life, it’s much more hands on than that. Think about:
Getting a late night call because the toilet is clogged or the AC stopped working
Following up on rent that didn’t come in on time
Paying for surprise repairs
Fixing up damage after a tenant moves out
And the tricky part is, those expenses usually show up when you’re not expecting them.
3. Have You Run the Real Numbers?
There’s also the financial side to consider. Renting out your home comes with extra costs. Some of the biggest ones, according to Bankrate, include:
Higher insurance premiums since landlord insurance usually runs about 25% more
Management fees if you hire a property manager, which typically take around 10% of the rent
Routine maintenance and service costs
Advertising to find new tenants
Periods without tenants, where you’re still covering the mortgage without rental income coming in
For some people, that’s completely doable. For others, it’s more than they’re willing to handle.
Your Next Step: A Conversation with Your Agent
Before you make any decisions, talk with your current agent about revamping your sales strategy first. Often buyers are out there, but the pricing, presentation, or marketing may not be matching what they want.
A few small adjustments can make a big difference.
Because renting can be the right move for some people and homes, but if you’re only leaning that way because your listing didn’t gain traction, there might be a better option.
Bottom Line
If you’re trying to decide whether to sell or rent, take time to weigh the pros and cons. For many homeowners, the hassle and cost of renting out a property just isn’t worth it.
