Becoming an accidental landlord

More U.S. home sellers are becoming what Zillow calls "accidental landlords" — 2.3% of rental listings on its platform in October were previously for sale, according to the real estate site.

Why it matters: That's the highest level since late 2022, when mortgage rates topped 7%. As buyers gain leverage and homes take longer to sell, a growing share of homeowners are renting their properties out instead, Axios' Sami Sparber writes.

The fine print: These homes were listed for sale on Zillow for at least two weeks, then delisted and relisted as rentals within three months of being off the market.

• The trend typically peaks in the fall because home sales slow around the holidays, per Zillow.

Zoom in: In the Raleigh metro area, 2.7% of listings met that criteria, which was higher than the national average, according to Zillow.

• Texas and Florida had 7 of the 10 metros with the highest shares of accidental landlords, while Denver led at 4.9%.

The big picture: Charging rent may help homeowners cover their mortgage payments, especially those with low rates.

• But being a landlord isn't easy — and costs can pile up, from repairs to property management fees.
• "I kind of wish that I'd sold and moved on," said a Maryland condo owner, who told the Wall Street Journal he'd relocated for work and was reluctant to sell at a loss.

What we're watching: Whether sellers who pulled listings last year have better luck as they try again. Redfin reports that many have relisted.