As mortgage rates remain elevated, more homeowners are becoming “accidental landlords” — individuals who choose to rent out their homes rather than sell them due to high loan rates deterring potential buyers. With some homeowners locked into low mortgage rates from years past, they’re reluctant to lose those favorable terms, opting instead to lease their properties while moving elsewhere. This phenomenon is creating a surge in single-family rentals and reshaping the traditional real estate market, particularly in markets like Phoenix and other rapidly growing Sun Belt cities.
The shift has implications across the board — from fueling a tighter rental market to affecting housing inventory and price trends. Many of these accidental landlords have no prior experience managing rental properties, prompting a boom for property management services. As homeowners look to maintain financial stability without forfeiting their low-interest loans, the housing market continues to evolve in unexpected ways.
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