2.3% of homes listed for rent on Zillow were recently listed for sale, according to a new Zillow analysis. Only once in Zillow's nearly six-year record has the share of "accidental landlords" been higher nationwide — in November 2022.
Texas and Florida markets, along with Denver, Portland, and Nashville, have the largest share of these accidental-landlord properties.
Would-be sellers resorting to renting instead of accepting a serious price cut indicates these homeowners don't need to liquidate distressed properties.
Home sales have slowed over the last few months, and a growing number of U.S. homeowners are opting to rent out their properties instead of selling them. If you’re a renter, that’s good news.
Rent prices have already softened over the last 12 months, thanks to stepped-up apartment construction. If a significant number of condos and single-family homes come off the sales market and onto the rental market, it could move the needle in favor of renters.
New research from Zillow shows that 2.3% of homes listed for rent were recently listed for sale, a near-record level that reflects a rise in so-called “accidental landlords.” The share is approaching the peak of 2.4% recorded in November 2022, and analysts say it could climb higher in the coming months.
No longer a seller's market
The trend highlights a changing housing market in which sellers are no longer firmly in control. Homes are taking longer to sell, and buyers are gaining negotiating power, prompting some homeowners to hold off rather than accept lower offers.
“As the market continues to rebalance, sellers are facing a different reality than they did a few years ago,” said Kara Ng, senior economist at Zillow. “Bargaining power is tilting toward buyers and homes are taking longer to sell, making renting out a property one way to buy time rather than compete aggressively on price.”
Unlike the spike in accidental landlords seen in 2022 — when mortgage rates surged rapidly and shocked the market — the current trend appears to be more deliberate. Many homeowners are choosing to rent their properties rather than sell at a price they feel undervalues their investment.
Occurring most often in the South and West
The phenomenon is especially pronounced in parts of the South and West. Denver leads the nation, with 4.9% of rental listings recently pulled from the for-sale market. Texas cities also dominate the list, including Houston (4.2%), Austin (4.1%), San Antonio (3.9%), and Dallas (3.4%). Florida markets such as Tampa (3.7%), Miami (3.5%), and Jacksonville (3.3%) also rank high, along with Portland (3.7%) and Nashville (3.2%).
These areas tend to be more favorable to buyers, where homes linger on the market longer and price cuts are more common.
By contrast, markets with the lowest share of accidental landlords — such as Providence, Boston, and New York — are among the most competitive in the country. In these areas, strong buyer demand makes it easier for sellers to close deals without resorting to renting.
Property type also plays a role. Single-family homes make up the largest share of accidental rentals, accounting for 3.4% of such listings. Townhomes follow at 2.2%, while condos are lowest at 1.1%. However, condo conversions into rentals have risen the fastest compared to historical averages, suggesting a shift in that segment as well.
Good for stability
The increase in accidental landlords may also signal relative financial stability among homeowners. According to Zillow, only 4.1% of homes are currently valued below their last sale price — far lower than the 11.2% seen before the pandemic. That suggests most owners are not under pressure to sell and can afford to wait for better conditions.
Seasonal patterns indicate the trend could intensify. Historically, the share of unsold homes turning into rentals peaks in November, when sellers who fail to close deals during the busy spring and summer seasons reassess their options.
With October 2025 already matching previous highs for that month, Zillow analysts say a new record could be within reach by year’s end.