🏡 When a Home Doesn’t Sell – Is Renting the Answer?

Sometimes a home sits on the market without attracting the offers a seller wants. In these cases, some owners consider renting instead of selling — becoming what the real estate industry calls an “Accidental Landlord.” Recently, this trend has been on the rise.

📊 Why More Sellers Are Turning to Rentals

Over the past few years, higher mortgage rates and rising home prices have reduced buyer affordability. This has slowed transaction speed, and many listings now stay on the market longer.

Instead of lowering their asking price, some sellers choose to rent the property out to generate income. But renting is not always the best answer. Before making this choice, it’s important to ask:

❓ Key Questions Before Renting

1. Is It Actually Profitable?

   • If you’re moving out of the area, can you realistically manage the property remotely?

   • Does the home require repairs or upgrades before it’s rent-ready?

   • Is there strong rental demand in the neighborhood to ensure steady income?

     
     

     If the answer isn’t clear, revisiting your selling strategy may be smarter.

2. Can You Handle the Responsibility?

   • Renting is not purely “passive income.”

   • Think about late-night repair calls, unpaid rent, and turnover maintenance.

   • Without time and financial backup, being a landlord can create more stress than reward.

3. Have You Considered Hidden Costs?

   • Landlord insurance is typically 25% higher than standard homeowner insurance.

   • Property management fees often run around 10% of rent.

   • Vacancy periods mean covering the mortgage and expenses with no rental income.

     
     

     These hidden costs can eat away at profits.

📍 Chicago Suburb Market Reality

Nationwide, more sellers are considering renting. But in Chicago’s most popular suburbs — especially top school districts and Korean-preferred neighborhoods — the market remains a seller’s market.

Homes in these areas still move quickly with strong buyer demand. Here, it may make more sense to adjust your pricing strategy and enhance marketing rather than switching to a rental model.

✅ Conclusion

Renting can work in some cases, but as an unplanned strategy, it brings responsibilities and risks.

For sellers in Chicago’s desirable suburbs, it’s often wiser to revisit your pricing and selling strategy with the help of an experienced agent.

👉 If you’re preparing to sell, now is the time to consult with an expert and create a plan that fits today’s market.

Chicago Realty – Hansang Chul📞 773-717-2227📧 ChicagoBDB@gmail.com