"A Zillow analysis shows that accidental landlords comprise a near-record share of rental listings. Around 2.2% of rental listings on Zillow in November had first been listed for sale, the highest level since 2022."
"For many of these owners, the choice of landlording is a reluctant Plan B. For example, one South Carolina couple, Jim and Lindy Kennedy, told the Journal that they rented out their unsold home for six months and found it returned in terrible condition."
"The rate was higher in markets where unsold listings are gathering dust. Zillow pointed out that Houston had the highest occurrence of accidental landlords in December, at 4.2%."
High mortgage rates and a cooling housing market are causing homeowners to become 'accidental landlords' by renting out properties they cannot sell at desired prices. A Zillow analysis indicates that 2.2% of rental listings in November were previously listed for sale, marking a near-record level. The trend is particularly pronounced in markets with many unsold listings, such as Houston, where 4.2% of rentals are from failed sales. Many homeowners view renting as a reluctant alternative to reducing sale prices.
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