Renting vs Selling: What Miami and Keys Homeowners should know first

If your house in Miami or the Florida Keys has been sitting on the market without the offers you expected, you may be considering a different path: renting it out. This scenario has become common enough that there’s a name for it—“accidental landlords.” These are homeowners who couldn’t get their desired sale price and decided to rent until conditions improve.

With higher mortgage rates slowing buyer demand, some listings are going stale. Instead of lowering the price, owners are turning to rentals. But becoming a landlord isn’t always as simple as it seems. Renting requires handling repairs, managing tenants, covering gaps in occupancy, and paying higher insurance premiums or management fees. For those moving out of the area, property oversight becomes even more complex.

Bankrate notes landlord insurance alone can cost about 25% more, and management companies often charge 10% of rent. Redfin also reminds landlords that emergencies—from broken AC units to plumbing issues—are costly and time-consuming.

For homeowners in Miami, Key Largo, or Islamorada, renting may make sense in certain cases. But for many, the better solution is to revisit pricing with a trusted real estate agent. Realtors at The Selling Properties Group powered by LPT Realty help sellers re-strategize and adjust to today’s market conditions, often finding a sale is possible with the right approach.