Clay Spence, 27, from Brevard County, Florida, became an 'accidental landlord' when he decided to rent out his townhome instead of selling it. After purchasing the property at a favorable mortgage rate, he faced a dilemma when looking to upgrade to a new home. By renting the townhome for $1,800 a month, he benefits financially while maintaining ownership during a time of rising interest rates. This trend among homeowners reflects a broader shift in the real estate market, as many are faced with similar choices influenced by economic conditions.
Spence, a 27-year-old financial analyst, decided to become an 'accidental landlord' due to favorable mortgage rates and a desire to retain property value.
After considering selling his townhome, Spence opted to rent it out instead, achieving a balance of income while holding on to a low mortgage rate.
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