Short Term Rentals to Traveling Nurses

29 Replies

Hello everyone.  Good thread.  I read all the comments.  We've been doing Airbnb for 6 years.  8 units now.  Signed up to Cleveland Clinic's internal housing office last year and paid the $300 fee per property for the year - did 3 properties.  We got a decent # of requests but our booking rate was about 5-10% of the requests.  Rent was what we would have charged on Airbnb for a long term stay.  Most applicants never responded or responded that rent was too much...that they were looking at $500 - $800 a month everything included.  You gotta be kidding me.  So that was a waste of time since we only signed a few leases - 4 I think - 30-60 days each.  Since then we've had nurses and doctors and such book directly through Airbnb or start the request through Airbnb and then we went offline and signed a lease without paying fees and taxes and such to Airbnb.

Does anyone have any experience with other sites?  So far we're going to put up ads on Craigslist, Facebook groups and considering Furnished Finder.  Any other recommendations?

Originally posted by @Andrew Ziebro :

  Most applicants never responded or responded that rent was too much...that they were looking at $500 - $800 a month everything included.  You gotta be kidding me. 

I've rented to people like that, people that think my rates are too high.  They end up staying at a furnished trailer in a trailer park.  No cable/wifi.  Separate building to do coin laundry.  Those trailers are $500-$800 a month.  I'm charging $400 a week for my smallest places.

Here is my totem pole for renters.

Project managers

Engineers

Electricians, Inspectors, Boilermakers

Pipefitters, Welders

General labor

General Public

Scaffold builders, painters, travelling nurses

The homeless and people right out of prison.

Notice I put traveling nurses below the general public and above homeless/parolees.

@Paul Sandhu

We don't have the same workforce you do in your town.  We have a large health complex here - Cleveland Clinic (largest employer in Cuyahoga County/North East Ohio), University Hospitals, MetroHealth Hospitals, etc.  There are some Fortune 500 companies, as well as a lot of colleges and universities.  That will be our base.  So I have to figure out how to attract them, and at the right price.

I have a client who does this in CT and he has had a lot of success with it to the point where I am thinking of renting to travel nurses the next time I have a vacancy in a condo I own. Here are some of the nuggets he has passed along regarding this strategy:

- You want to make sure your rental listings have great pictures, perspective tenants often are out of area and pretty much choose where to rent based on them.

- Make sure to advertise on furnishedfinder.com and Facebook groups dedicated to travelling nurses. This is where they look.

- This should be obvious, but the space needs to be furnished and immaculately clean.

- The nurses prefer to have their own space as opposed to renting a room among other people. You can get more rent this way also. 

- be prepared for 3-6 month contracts that have the ability to extend, but it's not a guarantee.

- Accept pets and be flexible on deposits because it will set you apart from other STR landlords.

What he said^^^.  My renters tell me that the main selling points are the full kitchen and the washer/dryer.  Everything else is icing on the cake (cable, wifi, supplies, utensils, and artwork from Mr. Hefner's mansion).