Short term rental research Travel nurses

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Short term rental research Travel nurses

Shanai Rogers
Member since 2023 · 5 posts · 3 votes

Hello!

I have been doing short term rentals for a bit of time. I have one in Sacramento and another in San Francisco. I am researching good locations for my third as I have found that that is the most important part of investing. Does anyone have any resources on where to find the cities where travel nurses are needed most? Also if 1 or 2 bedrooms or studios get rented more? 

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Jennifer J. Schilling
Rental Property Investor · Spokane, WA · Member since 2022 · 15 posts · 35 votes
3y

As a travel healthcare professional myself here are a few tips. 1) make sure you are within 20 min. of a hospital. Many RNs are required by their contract to be within 20 min. of the hospital when they are on call. 2) studio or 1 bedroom is generally best. Some do travel in pairs, but most are solo travelers. 3) Consider allowing pets (with a deposit and/or monthly pet fee). Many travelers have a furry companion with them. 4) rates are going down. RNs are now making what travel CNAs made and CNAs are making a bit more than local pay. Make sure that your rental rate can support these lower wages. If we can't find affordable housing, we won't sign the contract. 5) make sure and sign up with Furnished Finder. The messaging system is messed up/broken on FF. Make sure you include a number or email and ask all potential renters to contact you directly. 6) join housing groups for tavlers on Facebook. If you find a specific property that your thinking of buying, you can post pics of it and what you think you'll charge and get good feedback if that is a feasible price or not. RNs are the "typical" traveler but there are many other healthcare professionals that travel (I am a CNA). Best wishes and thank you for thinking of us! 

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  • Leslie Anne Morris
    Real Estate Agent · Smoky Mountains, TN · Member since 2022 · 1k+ posts · 984 votes
    3y

    I think Furnished Finders has statistics like this.  I have heard of MTR investors emailing the company directly and asking for stats.

    1Reply
  • Ranjit Sandhu
    Real Estate Broker · Rocklin, CA · Member since 2020 · 221 posts · 82 votes
    3y

    I would say try Roseville area because they have Kaiser, Sutter and other facilities.

    1Reply
  • Candice Ravin Woodfin
    Birmingham, AL · Member since 2023 · 36 posts · 17 votes
    3y

    I'm a nurse...we are everywhere...just find a condo/townhouse close to hospital(20-30 minutes, tho I've seen people stay 45 minutes to an hour out for the right rate)...most of us prefer private entrance and no shared space but would be willing to give that up for a lower rate.

    6Reply
  • Shanai Rogers
    OP
    Member since 2023 · 5 posts · 3 votes
    3y

    Thank you everyone so much!!! I will read each one and gain as much insight as possible thank you!!

    0Reply
  • Emily Shay
    Investor · Bismarck, ND · Member since 2021 · 29 posts · 12 votes
    3y

    Furnished Finders can provide you with the stats. You can either call them or you can use the tool they provide on their website that allows you to search demand for the area you are considering (Property owners tab, scroll about halfway down to find "search travel nurse demand for your area", click Review Stats and away you go).

    You could also probably straight up call the different nurse staffing companies and ask them which areas are they seeing that are requesting large amounts of nurses (or techs, etc).

    If you've already had some nurses stay with you (and you have decent rapport with them), ask them for their recommendations. You can also ask them which company they are with and who their recruiter is, then consider contacting the recruiter directly and picking their brain. This could even turn into a lead for you (trick courtesy of Jesse Vasquez who was recently a guest on the BP pod).

    Regarding the size of the unit...I don't think that matters so much. I think the important questions are: is it safe? is it comfortable?

    Someone else mentioned the location. How far is the commute to the facility? How many facilities are close by? Keep in mind that traffic can change a 15 mins Google map commute into a 30 min commute in real life. For someone who is exhausted (or works nights especially) that 30 min commute can become dangerous (speaking from personal experience).

    Hope that helps.

    0Reply
  • Jennifer J. Schilling
    Rental Property Investor · Spokane, WA · Member since 2022 · 15 posts · 35 votes
    3y

    As a travel healthcare professional myself here are a few tips. 1) make sure you are within 20 min. of a hospital. Many RNs are required by their contract to be within 20 min. of the hospital when they are on call. 2) studio or 1 bedroom is generally best. Some do travel in pairs, but most are solo travelers. 3) Consider allowing pets (with a deposit and/or monthly pet fee). Many travelers have a furry companion with them. 4) rates are going down. RNs are now making what travel CNAs made and CNAs are making a bit more than local pay. Make sure that your rental rate can support these lower wages. If we can't find affordable housing, we won't sign the contract. 5) make sure and sign up with Furnished Finder. The messaging system is messed up/broken on FF. Make sure you include a number or email and ask all potential renters to contact you directly. 6) join housing groups for tavlers on Facebook. If you find a specific property that your thinking of buying, you can post pics of it and what you think you'll charge and get good feedback if that is a feasible price or not. RNs are the "typical" traveler but there are many other healthcare professionals that travel (I am a CNA). Best wishes and thank you for thinking of us! 

    10Reply
  • Scott ScovilleBusiness Member
    Real Estate Agent · Sacramento, CA · Member since 2019 · 497 posts · 272 votes
    3y

    Hey Shanai! I've had success with short term nursing rentals in Sacramento. Vacancies are low and rents are high. Have 1 that I've owned for 2 years, and just helped another BP member buy a SFH with an ADU and is renting those out to nurses as well. Let me know if you'd like to jump on a call to discuss.

    [email protected]415-933-2202
    Scoville Realty & Investments LLC
    WebsiteView Page
    0Reply
  • Brooklyn McCarty
    Investor · Member since 2022 · 1k+ posts · 754 votes
    3y

    Use furnished finder, Zillow. 

    BP has a book, 30 day Stay that I’m sure has extremely useful info 

    0Reply
  • Anthony Matthews
    Member since 2022 · 1 post · 1 vote
    3y
    Quote from @Ranjit Sandhu:

    I would say try Roseville area because they have Kaiser, Sutter and other facilities.

    I've been interested in doing this in Chicago. How do you market your properties to traveling medical professionals?

    Thanks
    1Reply
  • Shanai Rogers
    OP
    Member since 2023 · 5 posts · 3 votes
    3y

    thank you all so much this has been beyond informative!! I should’ve posted this sooner!

    0Reply
  • Shanai Rogers
    OP
    Member since 2023 · 5 posts · 3 votes
    3y
    Quote from @Scott Scoville:

    Hey Shanai! I've had success with short term nursing rentals in Sacramento. Vacancies are low and rents are high. Have 1 that I've owned for 2 years, and just helped another BP member buy a SFH with an ADU and is renting those out to nurses as well. Let me know if you'd like to jump on a call to discuss.

    I would absolutely love to!!!
    1Reply
  • Shanai Rogers
    OP
    Member since 2023 · 5 posts · 3 votes
    3y
    Quote from @Anthony Matthews:
    Quote from @Ranjit Sandhu:

    I would say try Roseville area because they have Kaiser, Sutter and other facilities.

    I've been interested in doing this in Chicago. How do you market your properties to traveling medical professionals?

    Thanks
    I honestly don’t market which is one thing I want to do and just figure out which channels are best for nurses. Right not I’m just on furnished Finder but I recently joined a bunch of fb groups for travel nurses so I’m going to try my luck posting listings there too 
    0Reply
  • Scott ScovilleBusiness Member
    Real Estate Agent · Sacramento, CA · Member since 2019 · 497 posts · 272 votes
    3y
    Quote from @Shanai Rogers:
    Quote from @Scott Scoville:

    Hey Shanai! I've had success with short term nursing rentals in Sacramento. Vacancies are low and rents are high. Have 1 that I've owned for 2 years, and just helped another BP member buy a SFH with an ADU and is renting those out to nurses as well. Let me know if you'd like to jump on a call to discuss.

    I would absolutely love to!!!

     I'll DM you.

    [email protected]415-933-2202
    Scoville Realty & Investments LLC
    WebsiteView Page
    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    3y

    Lots of good info in here. Thanks to @Jennifer J. Schilling and @Candice Ravin Woodfin for their perspectives.

    1Reply
  • Luke Rorech
    Real Estate Agent · Greater Tampa Bay · Member since 2017 · 392 posts · 290 votes
    3y

    BP episode 728 was all about midterm rentals to travel nurses. Worth checking out. 

    0Reply
  • Luka Milicevic
    Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
    3y

    @Shanai Rogers

    I would look at mid term rentals over short term. Short term comes with much higher regulations. 

    0Reply
  • James Carlson
    Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
    3y

    @Shanai Rogers

    When you say you do STRs, do you mean actual short-term rentals -- less than 30-day rentals? Because you're asking about travel nurses, which are typically 3-month stays and are more of a medium-term rental.

    I wouldn't overthink it too much. We have medium-term rentals in Denver and Colorado Springs. Some are close to hospitals. Some are not. But all of them stay occupied (mostly with traveling nurses but also an increasing number of remote workers). 

    Also, pick up a copy of Erin's Guide to Midterm Rentals. She wrote the original book on MTRs, and her new book has some great checklists, recommended products and other tips. 

    I wish you the best with your next search. Cheers!

    0Reply
  • Jeanine P.
    Investor · Sacramento, CA · Member since 2010 · 161 posts · 29 votes
    3y

    @Shanai Rogers, I have a few I've rented for 4 years, all 1 bedrooms and occupancy is stable. I'm looking to expand. I try to stay within 5 miles (nothing more than 15 min away). Most are typically 10 min or less driving time. As discussed, most renters are traveling solo. If your searching, call the hospital and ask what level facility (level 1,2,3). If level 1 or 2 it is likely more travel nurses are needed to keep up with the demand. Hope this helps

    0Reply
  • January Johnson
    Real Estate Agent · Emerald Coast, FL · Member since 2016 · 820 posts · 486 votes
    3y

    https://www.furnishedfinder.co... 

    0Reply
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