When a home doesn’t sell as quickly as expected, it’s tempting to think: maybe I’ll just rent it out instead. That idea is becoming more common—especially among homeowners with low locked-in mortgage rates who don’t want to “give up” their loan.
But before you decide to become a landlord, here are a few important questions to ask yourself:
1. Does Your Property Work as a Rental?
Not every home is cut out for the rental market. Location, condition, and maintenance costs matter. If repairs are looming or you’d need to manage it from far away, selling might actually be the cleaner path.
2. Are You Ready to Be a Landlord?
Rental income sounds appealing—until you’re getting 2 a.m. plumbing calls, dealing with vacancies, or tracking down late rent. Even with a property manager, it’s not always “hands-off.”
3. Do the Numbers Really Add Up?
Landlord insurance can run 20–25% higher than a standard policy. Property management fees often take 8–10% of monthly rent. Add in maintenance, advertising, and the risk of vacancy, and your “extra income” may not look so promising after all.
The Smarter First Step
If you’re only considering renting because your home hasn’t sold, it may be time to revisit your selling strategy. Sometimes a price adjustment, fresh marketing, or better positioning in the market is all it takes to attract the right buyer.
Bottom Line
Renting can be a smart long-term wealth strategy—but it’s not the easy fallback it’s often made out to be. Before you decide, weigh the hidden costs and responsibilities against your real goals.
Not sure which path makes more sense for your situation? Contact your trusted agent to walk through the numbers, so you can make the choice that sets you up best for the future.
