Property owners looking to tap into a reliable and consistent rental market often consider renting to traveling nurses. These healthcare professionals travel the country, filling temporary staffing needs at hospitals and clinics. This article provides a comprehensive guide for landlords on how to effectively and successfully rent their properties to traveling nurses.
Understanding the Travel Nurse Housing Market
Before diving in, it’s crucial to understand the dynamics of travel nurse housing. Typically, travel nurses have two options: agency-provided housing or a housing stipend. If they opt for the stipend, they are responsible for finding their own accommodations. This is where your property comes into play.
The lodging stipend amount varies significantly based on location and the specific contract. High-demand areas like major cities offer larger stipends than smaller, less populated regions. However, it’s important to remember that travel nurses, and the agencies that support them, operate on a budget. Luxurious corporate housing is often outside their price range.
BluePipes job posting ad featuring a nurse
Making Your Property Attractive to Traveling Nurses
To attract travel nurses to your property, you need to cater to their specific needs and challenges. By addressing these unique aspects of their lifestyle, you can significantly increase your chances of securing a traveling nurse as a tenant.
Length of Stay: Embrace Short-Term Leases
Most travel nurse contracts are 13 weeks long. While some may extend slightly longer or shorter, the vast majority fall within this timeframe. Therefore, offering lease terms of three months or less is essential.
Contract Flexibility: Month-to-Month Options
Hospitals sometimes cancel contracts, and personal circumstances can also lead a nurse to terminate their assignment early. While cancellations are relatively infrequent (under 10%), they are a reality. Offering month-to-month leases provides both the nurse and the company with the flexibility they desire.
Furnishings: A Must-Have
Traveling nurses are unlikely to bring their own furniture. Renting furniture can be expensive, and furnishing an apartment from scratch is time-consuming. A fully furnished property is a significant advantage and often a requirement for traveling nurses.
Utilities, Cable, and WIFI: Streamlined Living
Setting up utilities, cable, and WIFI every few months is a hassle. Including these services in the rental price is a huge draw for travel nurses. This simplifies their move-in process and allows them to focus on their demanding jobs.
Pricing: Market-Value Matters
While you can factor in the cost of furnishings, utilities, cable, and WIFI, the base rental price should align with local market rates. Avoid charging exorbitant premiums for short-term stays. Travel nurses are savvy and will seek out reasonably priced options.
Key Considerations for Travel Nurse Rentals
Here’s a summary of what traveling nurses look for in a rental property:
- Short Lease Terms: Offer leases of three months or less.
- Month-to-Month Flexibility: Provide the option for month-to-month agreements.
- Furnished Property: Ensure the property is fully furnished.
- Included Utilities: Offer utilities, cable, and WIFI as part of the rental package.
- Competitive Pricing: Price the property fairly, considering market values.
Advantages and Disadvantages of Renting to Travel Nurses
Renting to travel nurses offers both benefits and potential drawbacks. Understanding these can help you make an informed decision.
Advantages:
- Strong Earning Potential: Travel nurses generally earn above-average wages.
- Ideal for Short-Term Rentals: Perfect for those seeking tenants for a few months.
- Stable Employment: Travel nurses typically have consistent and reliable employment.
- Furnished Properties Welcome: Well-suited for furnished properties.
Disadvantages:
- Contract Cancellation Risk: Possibility of early lease termination due to contract cancellations.
- Tenant Availability: Not always a constant stream of travel nurses seeking housing.
- Higher Turnover: Requires more frequent cleaning and property preparation.
It’s also vital to understand local laws regarding tenant rights. In many jurisdictions, a “guest” becomes a “tenant” after a certain period (e.g., 28 days), granting them additional rights, including more complex eviction procedures.
Where to List Your Property for Travel Nurses
Several platforms can help you connect with traveling nurses seeking housing.
Specialized Travel Nurse Housing Websites
Websites specifically dedicated to travel nurse housing are often the most targeted approach. Examples include Furnished Finder and Transplant Housing. These platforms typically charge a listing fee.
General Housing Marketplaces: Airbnb and VRBO
General housing marketplaces like Airbnb and VRBO can also be effective. To attract travel nurses, set a minimum stay duration to exclude shorter-term rentals. This increases visibility in search results for longer-term stays.
Direct Contact with Travel Nursing Companies
Reaching out directly to travel nursing companies can be challenging. Companies don’t always secure housing for nurses, and many work with a vast network of agencies. However, you can try contacting larger companies and hospitals in your area to inquire about their preferred agencies.
Facebook Groups for Travel Nurse Housing
Facebook is a popular platform for travel nurses. Numerous Facebook groups are dedicated to travel nurse housing. Joining these groups allows you to post your property and connect with potential tenants. Be aware that posts can get buried quickly, and Facebook’s search function is not always reliable.
Conclusion: Finding the Right Fit
Renting your property to travel nurses can be a rewarding experience. While no method is foolproof, specialized services like Furnished Finder and Transplant Housing offer the most targeted approach. Carefully consider your options, weigh the advantages and disadvantages, and prepare your property to meet the specific needs of traveling nurses.
By providing comfortable, convenient, and affordable housing, you can establish yourself as a go-to landlord for this valuable segment of the rental market.
