Boston condo sales have slowed as buyers face affordability challenges and higher borrowing rates, leaving many listings stale. Homeowners unable or unwilling to lower prices are increasingly choosing to rent their units, becoming 'accidental landlords.' That shift is driven by middling home sales and rising borrowing costs that reduce buyer demand. Renting carries additional responsibilities, risks, and potential expenses that many sellers did not plan for. Prospective accidental landlords should evaluate logistics such as out-of-state management, repair and upgrade costs, rental-market demand in their neighborhood, and projected profitability before converting a sale listing into a rental.
But here's the thing you need to remember if renting your condo has crossed your mind. Becoming a landlord wasn't your original plan, and there's probably a reason for that. It comes with a lot more responsibility (and risk) than most people expect. So, if you find yourself toying with that option, ask yourself these questions first: Just because you can rent a Boston condo it doesn't mean you should. For example:
Are you moving out of state? Managing maintenance from far away isn't easy. Does the home need repairs before it's rental-ready? And do you have the time or the funds for that? Is your neighborhood one that typically attracts renters, and would your house be profitable as one? If any of those give you pause, it's a sign selling might be the better move.
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