The headlines of the last few months tell the story.
According to a report from CNN Money, the prevalence of the homeowner-turned-landlord is rising. It was probably inevitable considering where the market is right now.
CNN cites several homeowners that have refinanced their homes down to low interest rates and then rented the homes out. The rental income they’re able to bring in covers the home’s mortgage, plus more in some cases.
Susan Young of Lawrence, Kan., refinanced the mortgage on her house in 2013, landing a 3.25% rate on a 30-year fixed loan. She bought another house but has not put her old home on the market.
"If the interest rate was high, I'd sell," she said. "But this is such a perfect loan package, I just can't bring myself to give it up."
She gets $1,100 a month in rent, several hundred dollars more than her expenses, and is using the profits to pay off her mortgage.
CNN’s report says that for homeowners that are underwater on their mortgages, renting the home out presents a profitable solution.
Young also told CNN spoke that becoming a landlord isn’t for everyone.
"[Being a landlord is] definitely not for someone who hates spending money on plumbing repairs and new locks," said Young.
And some tenants can be demanding, say if the water isn't hot enough or the air conditioning not cold enough.
"Tenant happiness is important to me and I try to give them whatever they ask for -- within reason," she said.
But with the rise in homeowner landlords comes a drop in homes available for sale, as more homeowners hold back their homes from the market, even if they’ve already purchased another home for themselves.
Every home converted into a rental property is one less that goes on the market. And in hot real estate markets these days, very few homes are up for sale.
"It's a major reason we have low inventory and limited sales growth," said Glenn Kelman, CEO of Redfin.