Thinking About Renting Out Your Sarasota or Lakewood Ranch Home Instead of Selling? Here’s What to Consider

Thinking About Renting Out Your Sarasota or Lakewood Ranch Home Instead of Selling? Here’s What to Consider

If your Sarasota or Lakewood Ranch home has been on the market without the offers you hoped for, you may be asking: “Should I rent my house instead of selling?”

This question is becoming more common for homeowners across Sarasota, Manatee, and Charlotte counties, as shifting mortgage rates and affordability challenges slow down home sales in many neighborhoods.

Industry experts call this scenario becoming an “accidental landlord”—a term used when homeowners rent out their property because selling didn’t go as planned.

Why Are More Sarasota Homeowners Becoming Accidental Landlords?

Recent market conditions—especially higher borrowing rates—have made it harder for some buyers to qualify for homes in our area. As a result, listings can sit longer than expected, leading sellers to explore renting as a temporary solution. (Insert Graph Placeholder)

But before you turn your property into a rental, consider this: becoming a landlord wasn’t your original plan—and it comes with far more responsibility than most anticipate.

3 Key Questions to Ask Before Renting Your Sarasota or Lakewood Ranch Home

1. Is Your Property a Profitable Rental in This Market?

Not every home in Sarasota or Lakewood Ranch makes a strong rental. Ask yourself:

• Are you moving out of state? Managing repairs and tenants from afar can be challenging.

• Does the property need updates or maintenance before renters can move in?

• Is your neighborhood attractive to tenants and likely to generate positive cash flow?

If the answer to any of these is uncertain, selling may still be the wiser choice.

2. Are You Prepared for the Realities of Being a Landlord?

While rental income can look attractive on paper, it often comes with hidden challenges:

• Unexpected maintenance calls (e.g., AC breakdowns, plumbing issues)

• Missed or late rent payments

• Damage between tenants

Professional property management companies in Sarasota, Manatee, and Charlotte counties can help, but they typically charge around 10% of your rental income.

3. Have You Factored in the True Costs?

Renting your property isn’t cost-free. Here are a few hidden expenses to plan for:

• Landlord insurance (about 25% more than standard homeowners insurance)

• Property management fees (if you choose to hire one)

• Marketing and tenant screening

• Vacancy gaps where you cover the mortgage without rent coming in

Over time, these costs can quickly add up—sometimes outweighing the income potential. (Insert Map Placeholder)

Should You Revisit Your Selling Strategy Instead?

If you’re only considering renting because your Sarasota or Lakewood Ranch home hasn’t sold yet, it might be time to speak with your real estate agent. A strategic price adjustment, enhanced marketing, or relaunch can often generate the right buyer interest and help you avoid the hassle of being a landlord.

Bottom Line

Renting your home in Sarasota, Lakewood Ranch, or nearby Manatee and Charlotte counties can work for the right property owner, but it’s not always the easiest or most profitable route. Carefully weigh the pros and cons, calculate the costs, and explore your selling options before deciding.