What’s Happened to Travel Nurses?
Rental Property Investor · Tucson, AZ · Member since 2020 · 85 posts · 51 votes
What’s Happened to Travel Nurses?
Most Popular Reply
Wisconsin: Eau Claire and Rapids · Member since 2019 · 93 posts · 58 votes
4y@Kyle Swengel
I work in a hospital and the number of travelers that the hospital is willing to hire has plummeted in the past 2 months. The goal is to get to zero.
I have pivoted to offer my place to students for their rotations at the hospital. Look up your local medical, PA, NP, CNM or nursing school. Call and ask to speak with the housing or student services person. Typically there is one or two people who are responsible to help these people find short term housing. They often times will give your contact info as someone with housing available.
I pay all utilities, am responsible for landscaping, and have linens, dishes, etc like for an airbnb. I get almost triple what an LTR would get, not as good as an airbnb. When the students move out, you can't tell anyone has been there, since they spend every free minute studying. Often times, I haven't had to do anything for turnover and the students sell your house to the next group, so I don't advertise.
27 Replies
- 4yScott TrenchPro MemberRental Property Investor · Denver, CO · Member since 2014 · 2k+ posts · 6k+ votes
Quote from @Kyle Swengel:
Hey BP,
I have a couple rentals that I have up on Furnished Finder for travel medical staff. So far it’s been awesome! I haven’t had a single day of vacancy this past year even though my rates are at or above market for that space. But it’s starting to dry up a bit...
Sounds like contracts aren’t being renewed and the funding for their contracts isn’t nearly as good as it was during the height of covid (makes sense) but now I think I need to get more guests from other sites or career fields.
Do you have other ideas of where to look for guests? I don’t want to do less than a month because I love the medium term rental space. I’m thinking maybe corporate housing? Or putting it up on air bnb/VRBO/booking.com as a month minimum stay.
What works for you or what have you seen? Thanks in advance!
I’ve wondered about this. The traveling nurses thing seemed like a great way to generate income - almost too good. And it seemed that a LOT of people were optimizing for this strategy, relative to it being what seems to me to be a small niche of nurses in a very specific stage of their careers.
I’ll be interested to follow this thread and see what others are thinking. - Cambridge, MA · Member since 2015 · 651 posts · 736 votes4y
If there are universities near your rental, you should check out SabbaticalHomes.com and the university off-campus rentals.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes4y
Quote from @Scott Trench:
Quote from @Kyle Swengel:
Hey BP,
I have a couple rentals that I have up on Furnished Finder for travel medical staff. So far it’s been awesome! I haven’t had a single day of vacancy this past year even though my rates are at or above market for that space. But it’s starting to dry up a bit...
Sounds like contracts aren’t being renewed and the funding for their contracts isn’t nearly as good as it was during the height of covid (makes sense) but now I think I need to get more guests from other sites or career fields.
Do you have other ideas of where to look for guests? I don’t want to do less than a month because I love the medium term rental space. I’m thinking maybe corporate housing? Or putting it up on air bnb/VRBO/booking.com as a month minimum stay.
What works for you or what have you seen? Thanks in advance!
I’ve wondered about this. The traveling nurses thing seemed like a great way to generate income - almost too good. And it seemed that a LOT of people were optimizing for this strategy, relative to it being what seems to me to be a small niche of nurses in a very specific stage of their careers.
I’ll be interested to follow this thread and see what others are thinking.
I think this is right on track. 10 years ago I never even heard of it. Today I have applicants for my rentals that tell me they are/plan on becoming a traveling nurse. I think more people think there's money in it than what's really there and that it's a good way to live a traveling lifestyle while still having a job. One of the guys in my band has a daughter that does this and she doesn't make all that much money, punctuated by high costs of living in general and periods of unemployment.
Skyline Properties - Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes4yI rent to refinery ruffians. Contractors. Welders, fitters, boilermakers, etc. Big burly guys with neck tats that drive jacked up 4x4s, chew tobacco for breakfast and smell like diesel fuel. That sort of describes me, except for the neck tats.
- Wisconsin: Eau Claire and Rapids · Member since 2019 · 93 posts · 58 votes4y
@Kyle Swengel
I work in a hospital and the number of travelers that the hospital is willing to hire has plummeted in the past 2 months. The goal is to get to zero.
I have pivoted to offer my place to students for their rotations at the hospital. Look up your local medical, PA, NP, CNM or nursing school. Call and ask to speak with the housing or student services person. Typically there is one or two people who are responsible to help these people find short term housing. They often times will give your contact info as someone with housing available.
I pay all utilities, am responsible for landscaping, and have linens, dishes, etc like for an airbnb. I get almost triple what an LTR would get, not as good as an airbnb. When the students move out, you can't tell anyone has been there, since they spend every free minute studying. Often times, I haven't had to do anything for turnover and the students sell your house to the next group, so I don't advertise.
- 4yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @JD Martin:
Quote from @Scott Trench:
Quote from @Kyle Swengel:
Hey BP,
I have a couple rentals that I have up on Furnished Finder for travel medical staff. So far it’s been awesome! I haven’t had a single day of vacancy this past year even though my rates are at or above market for that space. But it’s starting to dry up a bit...
Sounds like contracts aren’t being renewed and the funding for their contracts isn’t nearly as good as it was during the height of covid (makes sense) but now I think I need to get more guests from other sites or career fields.
Do you have other ideas of where to look for guests? I don’t want to do less than a month because I love the medium term rental space. I’m thinking maybe corporate housing? Or putting it up on air bnb/VRBO/booking.com as a month minimum stay.
What works for you or what have you seen? Thanks in advance!
I’ve wondered about this. The traveling nurses thing seemed like a great way to generate income - almost too good. And it seemed that a LOT of people were optimizing for this strategy, relative to it being what seems to me to be a small niche of nurses in a very specific stage of their careers.
I’ll be interested to follow this thread and see what others are thinking.
I think this is right on track. 10 years ago I never even heard of it. Today I have applicants for my rentals that tell me they are/plan on becoming a traveling nurse. I think more people think there's money in it than what's really there and that it's a good way to live a traveling lifestyle while still having a job. One of the guys in my band has a daughter that does this and she doesn't make all that much money, punctuated by high costs of living in general and periods of unemployment.
we just spent 10 days in the hospital and talking to the nurses many were traveling but their contracts were coming to an end and most were tired of it.. cost of housing was on issue. Small sample for sure .. - Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes4yYou need to be prepared to flex. I know quite a few investors that targeted traveling nurses and it went great...until the market shifted and the demand dried up. You can try converting to corporate housing and target companies that house interns, temp employees, new employees while they look for permanent housing, etc. You can also market to real estate brokerages that may have clients between homes.
Quote from @Kyle Swengel:
Hey BP,
I have a couple rentals that I have up on Furnished Finder for travel medical staff. So far it’s been awesome! I haven’t had a single day of vacancy this past year even though my rates are at or above market for that space. But it’s starting to dry up a bit...
Sounds like contracts aren’t being renewed and the funding for their contracts isn’t nearly as good as it was during the height of covid (makes sense) but now I think I need to get more guests from other sites or career fields.
Do you have other ideas of where to look for guests? I don’t want to do less than a month because I love the medium term rental space. I’m thinking maybe corporate housing? Or putting it up on air bnb/VRBO/booking.com as a month minimum stay.
What works for you or what have you seen? Thanks in advance!
When I purchase a property for STR, I'm crunching the numbers as a LTR, commercial, or whatever because I want it to continue working if I have to shift.
The DIY Landlord Book4.7248 Reviews - Real Estate Broker · Hyde Park Tampa, FL · Member since 2019 · 2k+ posts · 3k+ votes4y
Have you recently checked the number of listings on the Traveling Nurse Housing sites? There are a ton of listings...and it appears that supply has exceeded demand. In my market, they're still here strong but we're seeing the demand for being in "fun" areas - close to the beach, historic communities, walkable locations. There's such a killer rental market here that we don't target a specific population...there are plenty of folks who want to escape their home renovation for several months, place the in-laws close by but not too close, and more. Just market the property and you'll find the opportunities.
- Las Vegas, nv 89148 · Member since 2019 · 12 posts · 8 votes4y
We started one of our rentals, geared towards traveling nurses, but found in our area, they only wanted to rent one room at a time. I ended up listing it on Airbnb and Vrbo as a 30+ day rental, and it has worked out perfectly. You can also use Apartments.com, zillow, and corporatehousingbyowner.com to list as a furnished rental.
- 4yBonnie Griffin KaakePro MemberReal Estate Consultant · Denver, CO · Member since 2021 · 661 posts · 389 votes
I have been using just one Traveling Nurse Housing site and I have more inquiries than I can provide housing for. There are some keys to getting good quality tenants. Being near medical facilities, recreation areas and restaurants are a few pluses. Also, up-to-date, modernized and very clean spaces help. If they don't walk in and say "This is really nice" or "This is really pretty", you have some work to do. Just my 2 cents.
- Rental Property Investor · Tucson, AZ · Member since 2020 · 85 posts · 51 votes4y
@Paul Sandhu is there a web site that you use for that? I heard about that a while back but didn’t hear how people went about that.
And how well do they take care of the place? My travel staff that I have hosted keep it in pristine condition. Do they take care of yours?
- Rental Property Investor · Tucson, AZ · Member since 2020 · 85 posts · 51 votes4y
@Rebecca E. Thanks for that advice! I will see if I can find the points of contact for housing at the few hospitals around me.
I set them up really nice and had professional photos taken. But you’re absolutely right, you have to offer a high quality product to make it in the short or medium term market.
- Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes4y
Quote from @Kyle Swengel:
@Paul Sandhu is there a web site that you use for that? I heard about that a while back but didn’t hear how people went about that.
And how well do they take care of the place? My travel staff that I have hosted keep it in pristine condition. Do they take care of yours?
My official day job is working in a medical clinic doing drug screens for contractors to get access to a refinery for work. That's how I meet tenants.
Look at a tenants vehicle. The way their vehicle looks will be the way your STR looks when they move out.
- Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes4y
Traveling nurse revenue tripled in 2021 and average pay moved from $1,700 to $3,300 per week. But C19 hospitalizations are way down and state pandemic relief funds are drying up; so, demand has gone way down. The industry is still larger than pre-pandemic but not to the gold rush scale of 2021.
- 4yWendy ThurstPro MemberNashville, TN (nashville tn) · Member since 2020 · 49 posts · 28 votes
@Kyle Swengel
Still seeing healthy demand in this area near to major hospital systems. Schmancy the rental up, add high end fixtures, market/cater to the Traveler. We identify locations that newbies may want to experience (parks, lakes, amusement) and can position the rental to pivot to STR if needed. But honestly we're seeing no drop in demand thanks to networking area hospitals.
- Member since 2022 · 1k+ posts · 1k+ votes4y
What’s considered a good distance to a hospital campus where it’s attractive for them? Obviously quick walking distance is ideal, but do rentals 1-1.5 miles away still easy to rent to that type of customer?
- Investor · Member since 2022 · 111 posts · 150 votes4y
I am a travel nurse myself, I would say the demand has dropped a little bit since March but it has picked back up. I am not sure why its picked back up besides the continual nursing shortage that never gets better. My best hypothesis is that nurses like traveling and not being a "staff" nurse that involves the politics of being an employee. There were definitely higher paying jobs last year than now, but the pay is still well over double that of a staff nurse and that will keep people traveling.
With my rental, I list on furnished finder but also put it on airbnb for greater than 1 month rentals and have had no problem keeping it rented. My place is also in Denver which has always been a hot spot for travel nurses.
I do think that if you are hoping for travel nurses in more small town/suburbs, I think that demand will drop more. During C19, the pay in places like Fargo, ND and these small rural hospitals that were severely understaffed were paying outrageous money, some 7-8k a week. That will not continue as hospitals cant sustain it. But in "fun, exciting" locations, travel nursing will continue. Just my thinking as a current travel nurse and feeling out the market.
- Investor · Clairemont, CA · Member since 2011 · 3k+ posts · 2k+ votes4y
The medium term rental space is probably ok overall, you are just focused on one renter source and need to expand a bit is my guess. A friend's Dad accidentally started on the furnished 1 month+ stay about 5 years ago when renting their home on Airbnb while travelling and getting a couple guests asking to stay longer. They've been at it for 5+ years now and only do full months and it has always done really well. So this was working well pre pandemic, and has continued throughout.
So I'd start by adding your places to Airbnb and VRBO at a minimum. From there see if you can find a few local FB type groups to put it on as well. You can probably get some snow bird coverage through winters in your area. I've actually heard most travelers complain about FF...so you may find you do much better once you expand your booking options.
Another thing is the travelling may be drying up a bit right now and come back. I've seen/heard many are cancelling contracts when they go to look for housing in the area because the rent rates make it infeasible based on their stipend offered. So it's not just that they don't need any nurses but that the ones they do need may not be taking the contracts. Once the need becomes a bit more pressing the hospitals/recruiters may be forced to offer better stipends and then you'll find your travelers returning.
You may want to consider contacting some of the recruiters directly. Some contracts provide the housing, so you may be able to negotiate a consistent lease with them and they'll pay directly for whatever nurses they bring to the area. - Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes4y
@Kyle Swengel I list my property on Airbnb, VRBO, and Furnished Finder. I haven't had a single booking for a traveling nurse and they've all been on Airbnb. There's a much larger market than just traveling nurses. List it on other platforms and you can increase your rental income.
- Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes4y
I don't know about any particular trend in travel nursing right now, but in general our medium-term rentals in Denver and Colorado Springs are doing well -- be that for travel nurses, remote workers, people moving to the city and not wanting to buy right away. The "travel nurse" rental model is just one segment of the medium-term rental model. And that model seems to have a lot of demand right now. Even though more people are going back into the office, there is still a significant portion of workers who are remote, and that seems to be driving a lot of business.
The fundamentals remain the same -- stage it well, with good design and quality furnishings, photograph it well and be in a good location. (Good location does not have to mean by a hospital. Most people staying for 3 months -- be it traveling nurses or remote workers -- just want to experience the city.)
Good luck.
- Investor · Huntersville, NC · Member since 2021 · 52 posts · 30 votes4y
In my area, one of the hospitals started cancelling travelers mid contract and pissed a lot of them off so people stopped coming and the other big system is starting to hire travelers internally. That coupled with rates they are getting paid and landlords charging rents that are way too high given the contracts have decreased significantly. I have still been able to keep my room filled, but it has definitely been more scarce for sure
- Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes4y
For a while I was pretty flush with government infrastructure money. People working on wind farms, installing fiber optic networks, cleaning up contaminated soil, that sort of stuff. Railroad upgrades is next on my waiting list, but the phone isn't ringing even though the work is going on.
- Rental Property Investor · Tucson, AZ · Member since 2020 · 85 posts · 51 votes4y
@James Carlson
Where do you advertise? And how do you have the requirements set up?
I am open to putting it on Air Bnb and VRBO under a channel manager but I feel like it’s just going to be a short term rental at that point. I am trying to keep it to where the stays around around 2-3 month stays ideally.
Kyle
- Member since 2020 · 30 posts · 8 votes4y
As a travel nurse, there are a few factors at play. The rates are decreasing as they normally would seasonally, and the hospitals are trying to shift away from travelers and hoping that there will be more permanent staff on board. (which is a whole other discussion, because there has always been short staffing in my entire nursing career)
LLs were seeing in the news how travelers were making "10k a week" and thought maybe everyone was making that in every single market. Many travelers can't afford a huge monthly rental, because we are having to manage two places, our tax home and our short term rental.
Many travelers purposefully decided to take a few months off while the hospitals and agencies decide to pay appropriate rates again. Most of my, and my friend's housing, have been found through the FB groups.
- New to Real Estate · CA · Member since 2022 · 16 posts · 19 votes4y
I wanted to share my thoughts because I am a nurse myself, was a traveler nurse and have many friends that are traveling nurses. Part of the issue is related to decline in covid cases. Two years ago hospitals and healthcare facilities were hiring left and right to every person that had a RN degree, even without traveling experience, paying 2 or 3 times more because how desperate they were. Many nurses left their full time jobs and started traveling. However hospitals are a business at the end of the day and travelers are expensive, and there is no extra covid money flowing to afford them. Healthcare facilities have always run short of staff before pandemic days, and now they are back to it. The facility where I work had 28 travelers, and that was in my unit only !!! They all got their contracts cut off, and we will be going back to be overworked and understaffed. Sadly executives do not care about staffing issues but money. Additionally housing got expensive for travelers. For example in SoCal a simple room in furnishedfinder.com runs for $2000 or $3000 a month, which is a lot. In addition many of this nurses may have a home base where they have to pay a mortgage or rent, plus the STR where they will be traveling to.
Now, many of you believe traveler nurses are just drowning in money with high paying jobs, but that is all relative to where they come from. A nurse in Florida averages $30 to $40 an hour, but a California RN makes an average of $60 Hr. So when the Florida nurse gets a travel assignment in California that pays $80/hr then it looks like a lot of money. Some cities and states pay nurses as little as $20 hr, but if offered a contract for $40 then looks like a lot !! Housing is the most expensive cost a traveling nurse has, it can wipe of about 50% of their contract. Some nurses travel together or are traveling couples which help them save money, for many is more about the opportunity of traveling and discovering than actually making huge loads of money. Then you have to add the cost of moving around, storage, private health insurance, etc.Big cities are where travelers get paid the less, and where housing is the most expensive. Higher paying contracts are in the cities where nobody wants to go. Small town's healthcare facilities will see the most travelers in post pandemic days, if I were you I would look in this cities to invest for midterm rentals. Go to any travel nurse agency's website, many will post their jobs openings online. Check for the towns that pay the most, follow the breadcrumbs.
Hope it helps.
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