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? And 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, and it’s called an accidental landlord. Here’s how Yahoo Finance defines it:
“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
And right now, the number of homeowners turning into accidental landlords is rising. Business Insider explains why:
“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."
Basically, sales have slowed down as buyers struggle with today’s affordability challenges. And that’s leaving some homeowners with listings that sit and go stale. And if they don't want to drop their price to try to appeal to buyers, they may rent instead.
But here’s the thing you need to remember if renting your house has crossed your mind. Becoming a landlord wasn’t your original plan, and there’s probably a reason for that. It comes with a lot more responsibility (and risk) than most people expect.
So, if (click "Learn More" to finish the article)...
