Renting Out Your Home? Key Things to Consider First

If your house is on the market but you haven’t gotten any offers you’re comfortable with, you may be wondering: what do I do if it doesn’t sell? For a growing number of homeowners, that’s turning into a new dilemma: should I just rent it instead?

There’s a term for this in the industry—it’s called becoming an accidental landlord. As 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.”

Why This Is Happening More Often Right Now

The number of accidental landlords is on the rise. Business Insider puts it this way:

“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.”

In short, today’s affordability challenges have slowed down sales. Some listings sit on the market longer, and if sellers aren’t ready to lower their price, renting may feel like the next-best option.

But before you take that step, remember: becoming a landlord wasn’t your original plan—and there’s usually a reason for that. Managing a rental comes with more responsibility and risk than most people expect.

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

Just because you can rent it doesn’t always mean you should. Ask yourself:

• Are you moving out of state? Long-distance maintenance can be stressful and expensive.

• Does the home need repairs before it’s rental-ready?

• Is your neighborhood attractive to renters, and would the numbers make sense?

If these questions raise concerns, selling may still be the better move.

2. Are You Ready To Be a Landlord?

On paper, renting sounds like easy passive income. In reality, it often looks more like this:

• Midnight calls about broken ACs or plumbing issues

• Tracking down late rent payments

• Repairing 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 Thought Through the True Costs?

According to Bankrate, some of the hidden costs of renting include:

• Higher insurance premiums (landlord insurance costs about 25% more than standard homeowners insurance)

• Property management fees (typically ~10% of rent collected)

• Maintenance, advertising, and turnover costs

• Vacancy periods, when you’re covering the mortgage without rental income

These add up quickly, which is why renting doesn’t always make financial sense.

The Bottom Line

Renting can be a smart choice for the right homeowner with the right property. But if you’re only considering it because your listing didn’t get much traction, the better move may be to revisit your pricing strategy with your agent. Sometimes a strategic adjustment is all it takes to get buyers interested again.

Before you decide to rent, carefully weigh the pros and cons of becoming a landlord. For some homeowners, the hassle (and the expense) may not be worth it.

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I’d love to help you decide the best path forward for your home.