Thinking About Renting Your Home Instead of Selling? Read This First

by Rick Cavallaro

If your home in Metro Denver has been on the market without attracting offers you’re happy with, it’s natural to wonder: what if it doesn’t sell? For many homeowners, that question is leading to a new consideration—should I rent my house instead? Rick Cavallaro of Rhino Realty Pros can help guide you through your options.

”In real estate circles, there’s even a term for this: “accidental landlords.” As Yahoo Finance explains:

“These ‘accidental landlords’ are homeowners who tried to sell but couldn’t get the price they wanted—and instead have decided to rent out their homes until conditions improve.”

Why More Homeowners Are Considering Renting

Right now, the number of accidental landlords is on the rise. Business Insider notes:

“While there have always been accidental landlords… an era of middling home sales brought on by a steep rise in borrowing rates is creating a new wave of reluctant rental owners.”

Simply put, high mortgage rates and affordability challenges have slowed home sales, leaving some listings to sit unsold. Homeowners unwilling to lower their asking price are increasingly considering renting instead.But becoming a landlord isn’t a decision to take lightly. If renting your home has crossed your mind, ask yourself the following questions first.1. Does Your Home Have Rental Potential?Not every property is a good fit for the rental market. Consider:

Are you moving far away? Managing a property remotely can be complicated.
Does the home need repairs before it’s ready for tenants? Do you have the time or funds to make those updates?
Is the neighborhood attractive to renters, and would the property generate a profit?

If you hesitate on any of these points, selling may still be the better option.

2. Are You Ready to Be a Landlord?

Renting might look like easy passive income, but the reality is often more hands-on:

Emergency calls about plumbing or HVAC issues
Tracking down late rent payments
Handling damage between tenants

As Redfin points out:

“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 True Costs?

Bankrate highlights several hidden costs of renting out a home:

Higher insurance premiums (landlord insurance can cost ~25% more)
Property management fees (typically ~10% of the rent if you hire a manager)
Maintenance and advertising for tenants
Periods without rental income, during which you still cover the mortgage

These expenses can quickly add up, turning what seems like easy income into a financial burden.

Consider Professional Property Management

If you’re seriously thinking about renting your home, working with a professional can make the process smoother. Rhino Realty Property Management Division, led by Rick Cavallaro, specializes in helping homeowners manage rental properties efficiently. From tenant screening and rent collection to maintenance coordination, they handle the day-to-day responsibilities so you don’t have to.

A Smarter Approach

For many homeowners, renting is only being considered because their home hasn’t sold. Before committing, it’s worth revisiting your pricing strategy with your real estate agent. Adjusting the price and relaunching the listing may attract buyers and make a sale possible without the added responsibility of becoming a landlord.Bottom Line
Renting your home can make sense in the right circumstances, but it comes with significant responsibilities, costs, and risks. Carefully weigh the pros and cons before deciding. For homeowners who want to explore renting without the hassle, Rhino Realty Property Management Division with Rick Cavallaro offers professional support to make the process manageable and profitable. Visit www.rhinorentscolorado.com