Thinking About Renting Your Home Instead of Selling? Read This First!
If your home hasn’t sold as quickly as you hoped, you may be wondering if renting is the better path forward. It’s a common thought in today’s market, especially as affordability challenges have slowed some buyers down. But before you turn your property into a rental, it’s worth looking closely at what that decision really means.
Is Your Home a Good Rental Candidate?
Not every home is well-suited to be a rental. Ask yourself:
Does your neighborhood attract renters?
Will the rent cover your monthly costs, including mortgage, taxes, and insurance?
Do you have the time, funds, and energy to make the property rental-ready if updates or repairs are needed?
The answers to these questions can determine whether renting is financially sustainable—or a costly headache.
The Realities of Being a Landlord
It’s easy to think of rental income as “passive,” but in reality, landlords face plenty of active responsibilities. From late-night maintenance calls to chasing down missed rent payments, being a landlord is closer to running a business than collecting a check. If you live out of state or already have a full plate, managing tenants may be more than you bargained for.
The Costs That Catch Many Owners Off Guard
Renting comes with expenses that aren’t always obvious at first:
Insurance premiums for rentals are often higher than standard homeowner’s policies.
Property management companies (if you hire one) typically charge around 10% of the monthly rent.
Vacancy periods—when your property sits empty—mean you’ll cover the mortgage and bills without rental income.
Maintenance and repairs can be unpredictable and quickly cut into your margins.
When Selling Still Makes Sense
If renting feels like a “backup plan” simply because your home hasn’t sold yet, it may be smarter to revisit your selling strategy instead. Adjusting your price, marketing approach, or presentation could bring in the right buyer—without the added risks of becoming a landlord.
Your Next Step with Eckberg Real Estate
At Eckberg Real Estate, we know every homeowner’s situation is unique. Whether selling right now, renting temporarily, or weighing your options, we’ll help you evaluate the numbers and choose the path that best fits your financial and lifestyle goals.