So You’ve Become an Accidental Landlord—Now What?
By Ryan Moriarty, Real Estate Professional
Over the past few years, I’ve talked with more and more homeowners who never planned to become landlords—but here they are. Maybe you bought your home when mortgage rates were in the 3% range, and now selling doesn’t make sense with rates nearly double that. Or perhaps a job transfer or life change has you relocating, but the market isn’t where you’d hoped.
If you’re feeling “stuck,” you’re not alone. Many homeowners are in the same situation—and the good news is, becoming a landlord (even unintentionally) can work out very well with the right plan in place.
Here’s what to do when you find yourself as an accidental landlord:
1. Evaluate Your Financial Picture
Before you list your home for rent, run the numbers.
- What is your monthly mortgage payment (including taxes and insurance)?
- What are realistic market rents in your area?
- Will the rent cover your costs—or come close?
Even if you only break even, holding onto the property can allow you to build long-term equity and ride out a softer sales market.
2. Understand the Legal Side
Becoming a landlord means stepping into a business relationship. You’ll need to comply with local rental laws, fair housing regulations, and lease requirements. Make sure your lease agreement is up-to-date and includes clear terms about rent due dates, maintenance responsibilities, and notice periods.
If you’re moving out of the area, having a professional property manager handle these details can take a huge weight off your shoulders.
3. Prepare the Home for Tenants
Your property doesn’t need to be “perfect,” but it does need to be clean, functional, and safe.
- Take care of deferred maintenance (leaky faucets, HVAC filters, smoke detectors).
- Re-key the locks.
- Consider small upgrades like fresh paint or updated lighting—these can make your property more appealing to quality tenants.
4. Screen Tenants Thoroughly
Good tenants make all the difference. Run credit and background checks, verify income, and call previous landlords. A strong tenant screening process helps avoid missed rent, property damage, and costly evictions.
If you’re not comfortable doing this yourself, a property manager can take care of marketing, showings, applications, and tenant screening on your behalf.
5. Decide How to Handle Maintenance
Will you take 2 a.m. repair calls, or will someone else? Reliable maintenance systems are essential. Property managers often have vetted vendors who respond quickly and cost-effectively, keeping both tenants and owners happy.
6. Think Long Term
The rental market ebbs and flows, but real estate remains one of the most stable long-term investments. Renting your property for a few years while waiting for the market to rebound can help you maintain your low mortgage rate and build additional equity.
When the timing is right to sell, you’ll likely be in a stronger financial position.
Final Thoughts
Becoming an accidental landlord can feel overwhelming at first—but it can also be a smart move. With the right strategy, it allows you to protect your investment, preserve your low interest rate, and possibly even generate income.
If you’ve found yourself in this situation and aren’t sure where to start, I’d be happy to talk through your options. Whether you need help finding tenants, managing maintenance, or handling the day-to-day details, I can help make the process stress-free.