Your House Hasn’t Sold Yet. Should You Rent It Out Instead?

By Mike Lentz | The Mike Lentz Team – Keller Williams Realty

Your House Hasn’t Sold Yet. Should You Rent It Out Instead?

When your house sits on the market longer than expected, it gets frustrating fast.

You start asking: what now? And for a growing number of homeowners, that turns into: should I just rent it instead?

While it sounds like a simple backup plan, becoming an “accidental landlord” is a much bigger decision than most people realize. That’s when someone planned to sell, didn’t get the price or traction they hoped for, and decided to rent out an unsold house instead of rethinking their approach.

And lately, that’s happening more often.

Why the Number of Accidental Landlords Is Rising

If you’re faced with the same choice, here’s what you need to know. First, you’re not alone. That should actually be some comfort.

According to Zillow, about 2.3% of homes available for rent were previously listed for sale. That may not sound like a lot. But it’s the highest share in almost 6 years.

Before you go that route yourself, it’s worth slowing down. Look at the full picture. Ask yourself these 3 questions first.

1. Would Your House Actually Work as a Rental?

What’s right for your situation depends on your location, your home’s condition, and what the rental market looks like locally. Think about:

• If you’re moving away, do you have a plan for handling maintenance and repairs from afar?
• Does your house need work before it’s rental-ready? Do you have the time, energy, and funds for that?
• What’s the rental vacancy rate in your area?
• What monthly rent could you realistically expect?

As C&C Property Management explains, the balance between supply and demand drives rental pricing. When new construction adds more options, prices can soften as tenants have more choices.

In areas like Swedesboro and Mullica Hill, new construction is changing the rental landscape. If your home would struggle to stand out or command the rent you need, that’s something to take seriously. Just because you can rent it doesn’t mean it’s the best option for you.

2. Are You Ready To Be a Landlord?

This is the part people skip. On paper, renting sounds like easy passive income. In reality, it’s hands-on. Imagine:

• Taking midnight calls about clogged toilets or broken air conditioners
• Chasing down missed rent payments
• Covering unexpected repairs
• Fixing damage between tenants

Those costs can hit when you least expect them.

3. Have You Actually Run the Numbers?

There’s also the financial side. Choosing to rent an unsold house comes with extra expenses. Here are a few of the biggest according to Bankrate:

• Higher insurance premiums (landlord insurance typically costs about 25% more)
• Management fees (property managers typically charge around 10% of the rent)
• Routine maintenance and services
• Advertising fees to find tenants
• Gaps between tenants, where you cover the mortgage with no rental income

For some people, that’s totally manageable. For others, it’s more than they want to take on.

Before You Rent an Unsold House, Try This First

Before you make any decision, talk to your agent about overhauling your sales strategy first. Sometimes it’s not that buyers aren’t out there. It’s that something about the pricing, presentation, or marketing isn’t quite lining up.

A few small adjustments can make a big difference.

Because while renting can be a great choice for the right person with the right house, if you’re only considering it because your listing didn’t get traction, there may be a better solution.

Bottom Line

If you’re torn between selling and renting, weigh the pros and cons carefully. For some homeowners, the hassle and expense of becoming a landlord just isn’t worth it. Especially when the real issue might be fixable.

Let’s take a fresh look at your situation and figure out whether a strategy reset makes more sense than renting.