If your house has been sitting on the market without the right offers, you may be asking yourself: what’s next? For many homeowners, that question often turns into a new decision — should I rent it out instead of selling?
This situation is becoming so common there’s even a name for it: “accidental landlord.” According to Yahoo Finance:
“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.”
Why More Homeowners Are Considering Renting Right Now
With today’s higher mortgage rates and affordability challenges, home sales have slowed. Business Insider explains:
“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.”
When listings sit longer than expected, some homeowners think renting might be a better short-term solution than lowering their asking price. But before you take that leap, it’s important to understand the bigger picture. Becoming a landlord wasn’t your original plan for a reason — it comes with more responsibility, risk, and cost than many people realize.
3 Questions To Ask Before Renting Out Your Home
1. Does Your Home Have Rental Potential?
Just because you can rent your house doesn’t always mean you should. Consider these points:
- Will you live nearby, or are you moving out of state? (Managing from afar can be tough.)
- Does your property need repairs before it’s tenant-ready?
- Does your neighborhood attract renters, and would rent actually cover your expenses — with profit left over?
If the numbers don’t work, selling may still be your smarter move.
2. Are You Ready for the Responsibilities of a Landlord?
Renting isn’t always “easy passive income.” Real landlords deal with:
- Late-night repair calls
- Missed rent payments
- Property damage between tenants
As Redfin notes:
“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.”
3. Have You Factored in the True Costs?
Bankrate explains that renting comes with hidden expenses many people overlook, including:
- Higher insurance premiums (landlord insurance often costs 25% more)
- Property management fees (if you hire one, expect around 10% of rental income)
- Advertising and maintenance
- Vacancies where you’re covering the mortgage without rental income
When you add it all up, renting may not be as profitable as it first seems.
A Better Alternative: Adjust Your Selling Strategy
If the only reason you’re considering renting is because your listing isn’t moving, there’s another option: revisit your pricing and marketing strategy. With the right adjustments, you can relaunch your home, attract serious buyers, and make the sale you originally planned for.
That’s where a trusted local real estate professional comes in.
Bottom Line
Before you decide to rent your home, take a step back and weigh the real costs, risks, and responsibilities. For many sellers, reworking the sales approach can be a much better solution than becoming a landlord by accident.
If you’re unsure which path is best, let’s connect. I’ll walk you through your options, run the numbers, and help you decide whether selling or renting makes the most sense for your situation.
📍 Michael Olubajo
Associate Broker | Coldwell Banker Realty
📞 (267) 994-9879 (Home & Mobile)
📧 michael.olubajo@cbpref.com
