Some Seattle-area home sellers are turning into what Zillow calls "accidental landlords," pulling their homes off the market and renting them out instead.
Why it matters: As more homeowners nationally rent out homes that don't sell, Seattle stands out for having a higher share of these listings.
Nationally, 2.3% of rental listings on Zillow in October were previously for sale, according to the real estate site. That's the highest level since late 2022, when mortgage rates topped 7%.
In the Seattle metro, the rental listing rate was higher, at 3.1%.
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.
Accidental landlords also add homes to the rental pool, which can help ease rent prices.
