If your Triangle Area home is on the market but offers aren’t coming in the way you hoped, you might be asking yourself: should I rent it instead of selling my home? More and more homeowners are facing that exact question and considering whether rent could be the right solution.
There’s even a name for this: 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 it’s Becoming More Common to Rent
The number of accidental landlords is rising. According to Business Insider:
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.”
Slower home sales, driven by affordability concerns, are causing some listings to sit longer. Rather than lowering their price to attract buyers, some sellers are choosing to rent instead.
But before you decide to take on tenants, it’s important to remember that renting out your Raleigh home was probably not your original goal. That’s worth thinking about—because being a landlord comes with more responsibilities (and risks) than many realize.
1. Does it Make Sense to Rent?
Just because you can rent it doesn’t mean you should. For example:
- Are you relocating out of town or out of state? Managing maintenance from far away can be challenging.
- Will the house need repairs before it’s rental-ready? Do you have the time and budget to handle those updates?
- Is your neighborhood typically renter-friendly? Would your home be priced competitively as a rental?
If any of these give you pause, selling could still be the better long-term choice.
2. Are You Prepared to Be a Landlord?
On paper, renting sounds like easy passive income. In real life, it can involve things like:
- Late-night maintenance calls
- Tracking down missed rent payments
- Damage between tenants that needs repairing
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 Considered the Full Cost of Renting?
Renting isn’t just about collecting monthly checks. Bankrate lists some of the hidden costs you should account for, including:
- Higher insurance premiums—landlord insurance typically costs about 25 percent more
- Property management fees—often 10 percent of the rent
- Advertising and routine maintenance
- Vacancies between tenants, when you’ll need to cover the mortgage without rental income
Those expenses add up quickly and can eat into your profits.
Revisit Your Selling Strategy First
Renting out your Triangle Area home might work for some, but if you’re only leaning that direction because your listing didn’t attract offers, consider checking in with Linda Craft Team Realtors first. A fresh pricing strategy could be the key to turning interest around.
With expert advice, you may be able to relaunch at the right price, draw in serious buyers, and sell your home without taking on the stress of becoming a landlord.
Bottom Line
Before you rent your Raleigh home, weigh the pros and cons of being a landlord. For many sellers, the additional work, costs, and responsibility simply aren’t worth it. Talk to Linda Craft Team Realtors about what a revised selling strategy could look like; you might find that a better path forward is still available.