If your house has been sitting on the market without attracting the right offer, you may be asking yourself: should I just rent it instead? For many homeowners, this situation turns them into what the industry calls an “accidental landlord.”
Yahoo Finance explains:
“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.”
With home sales slowing and affordability challenges still weighing on buyers, more owners are facing this exact dilemma. But before you decide to rent your property, it’s important to understand the responsibilities—and risks—that come with becoming a landlord.
1. Does Your House Have Potential as a Profitable Rental?
Not every home is a good candidate for renting. Consider:
-
Are you moving out of state? Managing maintenance from afar is difficult.
-
Does the home need repairs before it’s rental-ready?
-
Does your neighborhood attract renters, and would your house cash flow positively?
If the math doesn’t add up, selling may still be the smarter choice.
2. Are You Ready To Be a Landlord?
While renting sounds like easy “passive income,” the reality is often much different. You’ll need to handle:
-
Tenant calls at all hours for repairs
-
Missed rent payments
-
Property damage between tenants
As Redfin points out:
“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 highlights some of the hidden costs of being a landlord, including:
-
Insurance premiums (landlord insurance is ~25% higher)
-
Management fees (often 10% of the rent if you hire a property manager)
-
Maintenance, advertising, and tenant turnover costs
-
Vacancy periods, when you cover the mortgage without rental income
These costs can add up quickly and eat into any potential profits.
A Smarter Alternative: Revisit Your Selling Strategy
If you’re only considering renting because your home hasn’t sold, it may be time to revisit your pricing strategy with your agent. A small adjustment, combined with a refreshed marketing plan, can often attract the right buyers and lead to a successful sale without the added stress of becoming a landlord.
Bottom Line
Before deciding to rent your house, weigh the financial and lifestyle trade-offs carefully. For many homeowners, the time, effort, and risk of being a landlord simply aren’t worth it. Talk with your trusted local real estate expert about whether relaunching your listing at the right price might be the best move.
👉 Connect with The Ace Estate Team to explore your options today.
