Traveling Nurses Rental

[Liran Afergan]

Hi there,

I wanted to try to rent a few of my properties for Traveling Nurses. As far as the information that I've got, renting dor traveling nurses can pay about 3 times the traditional rent.

I k ow that anything that sounds tempting has a catch in it, so I was wondering if there's anyone here who has experience with renting his / her properties to traveling nurses, that can share the experience or just the bottom line - if it's worth it or not ?

Thanks

[Zach Edelman]

From most people I've heard, it seems worth it. I would look into Sarah Weaver's book, "30 Day Stay" which is all about MTRs. 

[Trent Reeve]

Quote from @Liran Afergan:

Hi there,

I wanted to try to rent a few of my properties for Traveling Nurses. As far as the information that I've got, renting dor traveling nurses can pay about 3 times the traditional rent.

I k ow that anything that sounds tempting has a catch in it, so I was wondering if there's anyone here who has experience with renting his / her properties to traveling nurses, that can share the experience or just the bottom line - if it's worth it or not ?

Thanks

they would expect a furnished property and if you arent already a STR and just a normal LTR, that can cost a lot.

[Zach Edelman]

From most people I've heard, it seems worth it. I would look into Sarah Weaver's book, "30 Day Stay" which is all about MTRs. 

[Michael Baum]

Hey @Liran Afergan, it is going to depend on the location. There needs to be a major destination hospital nearby or large teaching hospital. Physical therapists, specialty doctors and administrators often need short stay long term rentals.

Remember that you will need to vet each guest and use a regular lease, not a rental agreement for under 30 day stays.

[Eliott Elias]

You can make money doing this, but the demand has to be there. And for the long haul. I am personally staying away from STR‘s and MTR‘s because of its inconsistency.

[Robert Tinker]

We've done it a few times. You've got to check your competition in your local market. We used Furnish Finders to list. I think it's $95 for a year. That's where a majority of the traveling professionals go to look. Use the site and see what others are listing for. A lot of them have terrible pictures.  Just do a better job listing and you'll be good!

[Ke Nan Wang]

Please keep in mind the 3x rent is probably in reference to smaller 1 bed to 2 bed units. In our area, where a 3 bedroom is renting at $2000+, I do not see any person paying $6000+ a month for a short stay no matter how much money they make. They can easily book plenty airbnb for around $4000 per month. 

There is a bigger pock podcast episode on this topic. One of my takeaway from that guest was: 

1. Go directly to the hospital or corporation and ask them the point of contact of the agencies who handle the contract relocation package. Build a relationship with these people. Then when you sign a lease, you are signing a lease with the agencies, not the tenant. Easier to get paid and maybe handle dispute (question mark?) 

2. You need to have consistent inventory and be a serious player to pull #1 off, assuming you are in a competitive market. Relocation agencies don't want to deal with property owners who only have one or two units where they would call you and you have nothing available for them. Then they will just stop calling you. Some areas those agencies don't even talk to you unless you have a number of units in your portfolio, which is very understandable. 

If you aren't ready to do that, then I think furnishfinder is a good start. Just go to furnishfinder and look for comparable properties and how much are those renting. The number I'm seeing there in my area do not work for 3 bedroom houses. They may work for a 1 bedroom unit. 

[Quinn R Alford]

So the biggest problem currently is that nationwide hospital systems are attempting to cut down on travel nurse staffing. Travel nurse contracts are not nearly as lucrative, nor available as they were during COVID. Think 50% less pay or more in most circumstances. The healthcare system is a wreck and hospitals don't care about patients or staffing. Profits over patients is the norm nationally. 

[Ronda R.]

I have seen a lot less demand for my mid term rental starting the end of 2022 and now 2023. I was pretty much booked solid during covid, 2020 thru mid 2022. I think what Quinn is saying is right.

[James Carlson]

@Liran Afergan

We do medium-term rentals in our own rentals in Colorado Springs and Denver (and work with a lot of investors doing mid-term rentals), and the rental rates are more like 1.3-1.5x that of long-term rents. One of our places we get close to 1.8x, but I've never heard of 3x.

Also, I wouldn't focus just on traveling nurses. That's one group who want MTRs, but it's only one group. Remote workers, people moving to a city but don't know where they want to settle more permanently, divorcing people who need a temporary stay, etc, etc. Just post it on Airbnb and Zillow as a medium-term rental.

If you haven't already furnished it, know that it should take 12-18 months for the margins above long-term rent to cover the added furnishing cost. 

You might check out Erin Spradlin on Amazon. She has three books on mid-term rentals and she does consulting work in the space. Good luck!

[Fabiola Sanders]

@James Carlson

Good day,

What type of contract do you write for your traveling nurses. Is a month to month lease okay?

Thank you