More homeowners trying ‘reluctant landlord’ role

More sellers who are tired of their home lingering on the market – or don’t want to have to take a loss on their home – are opting to become landlords instead.

The number of unintentional landlords is growing, according to Eric Belsky with Harvard’s Center for Housing Studies.

About 2.3 million single-family homes became rentals during 2005 to 2009, a significant increase compared to about 700,000 single-family homes that became rentals during 2001 to 2005, Belsky noted.

The demand for rental housing in some areas of the country has been increasing. Many “reluctant landlords” have been able to cover their housing expenses by renting out their former residences.