Mid term rentals to nurser etc

Miami, Florida
General Real Estate Investing
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Mid term rentals to nurser etc

Abraham Shamosh
Member since 2021 · 46 posts · 13 votes

Hi All,

I own residential rentals in Miami with long term tenants, but was recently looking into mid term rentals to rent to traveling, nurses, etc. 

can anyone please share there experience regarding occupancy rates and other information? Thanks

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Chris Allen
Temple, TX · Member since 2018 · 307 posts · 215 votes
3y
Quote from @Abraham Shamosh:

Hi All,

I own residential rentals in Miami with long term tenants, but was recently looking into mid term rentals to rent to traveling, nurses, etc. 

can anyone please share there experience regarding occupancy rates and other information? Thanks


 I have not rented to travel nurses yet, but I am a travel nurse. From the renter point of view, here are things that I personally look for. 

- Ideally within 15 min of the hospital I am working at. If things are expensive, I will go up to 30 min away. 

- Clean, well put together unit. Comfortable bed with nice bedding, room darkening/blackout curtains in bedroom, decent shower, in unit washer/dryer, decent kitchen with all the necessities, good wifi, and a decent smart TV, iron, etc..

- I travel with my wife, baby, and dog. So I look for a good size, fenced in back yard, as well as enough space in the property for all of us, but not so much we are paying for space we don't need. Most travel nurses look for 1-2 bedroom properties that are affordable but nice. 3 bed would be the next most common, and 4+ is less desirable. Shared spaces is also less common for travel nurses unless it is a group of nurses that already know each other or you are in a very expensive market. 

- I typically look for middle of the line type properties to rent, willing to pay a little extra for a nicer place, but also I try to save as much as I can on rent so I can keep the difference in my stipend. Other than looking at comparable properties in your area, a rough idea for what nurses would want to spend is go find out your GSA rate for your area, and just stay below that. Nurses get a tax free stipend for housing and meals, but that is also where a bulk of our pay comes from. So most assignments we want to pocket the difference because if we don't, we really are not making any more than we could to just be full time somewhere. 

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  • Venecia Lamar
    Investor · Atlanta · Member since 2022 · 1 post · 2 votes
    3y

    Hi!

    I used Furnished Finders for my two SFH and it's been lovely! You have to spend on the front end with decor, etc but I prefer it better than Airbnb/STR. Less turning of the property and quality tenants. I sometimes have a month vacancy but most of the nurses I ask them to extend their contracts and I had one nurse who was there for a year! Definitely my preferred exit strategy

    2Reply
  • Chris Allen
    Temple, TX · Member since 2018 · 307 posts · 215 votes
    3y
    Quote from @Abraham Shamosh:

    Hi All,

    I own residential rentals in Miami with long term tenants, but was recently looking into mid term rentals to rent to traveling, nurses, etc. 

    can anyone please share there experience regarding occupancy rates and other information? Thanks


     I have not rented to travel nurses yet, but I am a travel nurse. From the renter point of view, here are things that I personally look for. 

    - Ideally within 15 min of the hospital I am working at. If things are expensive, I will go up to 30 min away. 

    - Clean, well put together unit. Comfortable bed with nice bedding, room darkening/blackout curtains in bedroom, decent shower, in unit washer/dryer, decent kitchen with all the necessities, good wifi, and a decent smart TV, iron, etc..

    - I travel with my wife, baby, and dog. So I look for a good size, fenced in back yard, as well as enough space in the property for all of us, but not so much we are paying for space we don't need. Most travel nurses look for 1-2 bedroom properties that are affordable but nice. 3 bed would be the next most common, and 4+ is less desirable. Shared spaces is also less common for travel nurses unless it is a group of nurses that already know each other or you are in a very expensive market. 

    - I typically look for middle of the line type properties to rent, willing to pay a little extra for a nicer place, but also I try to save as much as I can on rent so I can keep the difference in my stipend. Other than looking at comparable properties in your area, a rough idea for what nurses would want to spend is go find out your GSA rate for your area, and just stay below that. Nurses get a tax free stipend for housing and meals, but that is also where a bulk of our pay comes from. So most assignments we want to pocket the difference because if we don't, we really are not making any more than we could to just be full time somewhere. 

    4Reply
  • Chris Allen
    Temple, TX · Member since 2018 · 307 posts · 215 votes
    3y

    I also recommend getting on some of the travel nurse FB groups (furnished finder is a great one). You can ask nurses what they are looking for and post availability 

    2Reply
  • Abraham Shamosh
    OP
    Member since 2021 · 46 posts · 13 votes
    3y

    @Venecia Lamar with the month vacancy how are you still profitable? That’s my biggest fear. 

    0Reply
  • Lauren Cote
    Member since 2021 · 5 posts · 7 votes
    3y

    There are a few strategies you can use to help mitigate vacancy rates for mid-term rentals in Miami-Dade County:

    1. 1. Set competitive rent rates: Research the rates of similar properties in your area to ensure that you are pricing your rentals competitively. This can help you attract tenants more quickly, which can help reduce vacancy rates.
    2. 2. Offer amenities: Consider offering amenities that are attractive to travelers, such as a fully equipped kitchen, on-site laundry, and Wi-Fi. These amenities can help make your rentals more attractive to potential tenants.
    3. 3. Market your rentals: Use online platforms and social media to advertise your rentals and reach potential renters. You can also consider reaching out to local hospitals or medical facilities to let them know about your rentals and the benefits they offer to traveling nurses.
    4. 4. Offer flexible lease terms: Consider offering lease terms that are flexible to accommodate the needs of different types of renters, such as traveling nurses who may only need a place to stay for a few weeks or months at a time.
    5. 5. Offer incentives: Consider offering incentives to tenants, such as a rent discount or a move-in bonus, to encourage them to rent your property. This can be especially effective if you are trying to fill a vacancy during a slow rental season.
    6. 6. Manage your property effectively: Being proactive in managing your rentals, including responding promptly to inquiries, maintaining the property, and addressing any issues that may arise, can help you attract and retain tenants and reduce vacancy rates.

    By following these strategies, you may be able to reduce vacancy rates for your mid-term rentals and improve your profitability as a landlord.

    Here are the GSA rates for lodging in Miami Dade County:

    2Reply
  • Abraham Shamosh
    OP
    Member since 2021 · 46 posts · 13 votes
    3y
    Quote from @Lauren Cote:

    There are a few strategies you can use to help mitigate vacancy rates for mid-term rentals in Miami-Dade County:

    1. 1. Set competitive rent rates: Research the rates of similar properties in your area to ensure that you are pricing your rentals competitively. This can help you attract tenants more quickly, which can help reduce vacancy rates.
    2. 2. Offer amenities: Consider offering amenities that are attractive to travelers, such as a fully equipped kitchen, on-site laundry, and Wi-Fi. These amenities can help make your rentals more attractive to potential tenants.
    3. 3. Market your rentals: Use online platforms and social media to advertise your rentals and reach potential renters. You can also consider reaching out to local hospitals or medical facilities to let them know about your rentals and the benefits they offer to traveling nurses.
    4. 4. Offer flexible lease terms: Consider offering lease terms that are flexible to accommodate the needs of different types of renters, such as traveling nurses who may only need a place to stay for a few weeks or months at a time.
    5. 5. Offer incentives: Consider offering incentives to tenants, such as a rent discount or a move-in bonus, to encourage them to rent your property. This can be especially effective if you are trying to fill a vacancy during a slow rental season.
    6. 6. Manage your property effectively: Being proactive in managing your rentals, including responding promptly to inquiries, maintaining the property, and addressing any issues that may arise, can help you attract and retain tenants and reduce vacancy rates.

    By following these strategies, you may be able to reduce vacancy rates for your mid-term rentals and improve your profitability as a landlord.

    Here are the GSA rates for lodging in Miami Dade County:


     Thank you very helpful. 

    0Reply
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