Renting to Travel Nurses

10 Replies

My husband and I bought and renovated the house next door. We recently had a travel nurse inquire about the place. It occurred to us that furnishing the house and charging more for these 5 month “medium term” leases to travel nurses might be a lucrative and different way to approach this. Any thoughts? Pros and cons? Would we just pay the utilities and include that in the rent? Internet? Snow removal/lawn care? We have a brand new hospital two minutes down the road, and we live in a nice, quiet neighborhood close to everything.

This is geographically important. I'm in a rural area. And a year ad in furnished Finder brought me a nurse at normal rent for about eight weeks. I don't think expecting a considerably higher rent would have worked.

I also think 5 month Is a little unusual. I would expect more like three months. And you may get lengthy vacancies in between.

and 1 inquiry doesn't mean or guarantee anything.

Travel nurses typically stay for 13 weeks.  I've rented to them twice.  Would I do it again? No.  I'd rather a place sit empty waiting for a better tenant than a travelling nurse.  Here is my totem pole for my tenant preference in regards to my STRs:

Project managers, engineers

Electricians, inspectors, boilermakers

Pipefitters, welders

General labor

Students, travelling nurses

Scaffold builders, firewatch

Homeless people

Originally posted by @Paul Sandhu :

Travel nurses typically stay for 13 weeks.  I've rented to them twice.  Would I do it again? No.  I'd rather a place sit empty waiting for a better tenant than a travelling nurse.  Here is my totem pole for my tenant preference in regards to my STRs:

Project managers, engineers

Electricians, inspectors, boilermakers

Pipefitters, welders

General labor

Students, travelling nurses

Scaffold builders, firewatch

Homeless people

Is there a particular reason why you wouldn't rent to travel nurse? My sister is one and I figured it would be a lucrative option. 

Originally posted by @Chelsea Jean-Mary :

Is there a particular reason why you wouldn't rent to travel nurse? My sister is one and I figured it would be a lucrative option. 

Those first 3 categories I listed, their per diem is $100-$135 a day.  Right now I'm charging people in that category $600/week for a 2 bedroom.

Travel nurses balk at paying $250/week for a 2 bedroom place all to themself.  $250/week is less than a local motel, plus they can cook and do laundry. 

That's why they are one level above psychotic mutts (scaffold builders, firewatch) and 2 levels above homeless people.

I disagree. There's anything wrong with travel nurses.  However  I don't think you earn anymore and you only get them for several months.

Originally posted by @Chelsea Jean-Mary :

Is there a particular reason why you wouldn't rent to travel nurse? My sister is one and I figured it would be a lucrative option. 

You can't use the words "lucrative" and "travel nurse" in the same conversation (at least in my situation).

Originally posted by @Ken Latchers :
I disagree. There's anything wrong with travel nurses.  However  I don't think you earn anymore and you only get them for several months.

Originally posted by @Chelsea Jean-Mary:

Is there a particular reason why you wouldn't rent to travel nurse? My sister is one and I figured it would be a lucrative option. 

Okay, thank you. 

I rent to traveling nurses all the time, and I love it. I'd say depending on the property location and demand, will determine whether it would be worth marketing it that way. 

Good discussion.

Yup, TNs take assignments with the motive of making money.

The nursing agencies mix tax-free housing allowance in with their total offer, so just because they have a per-diem doesn't mean they wish to spend it. It part of a complete offer.

When there's a desirable assignment at a desirable location (like San Francisco) then nursing agencies pull back and do not offer TNs the full GSA per diem. 

That's the game.

Consider not thinking of TNs as cheap. Consider them as motivated to pay off their student loans.

Originally posted by @Al Williamson :

Good discussion.

Yup, TNs take assignments with the motive of making money.

The nursing agencies mix tax-free housing allowance in with their total offer, so just because they have a per-diem doesn't mean they wish to spend it. It part of a complete offer.

When there's a desirable assignment at a desirable location (like San Francisco) then nursing agencies pull back and do not offer TNs the full GSA per diem. 

That's the game.

Consider not thinking of TNs as cheap. Consider them as motivated to pay off their student loans.

I see. My sister works as a travel nurse. I'll get some info from her to see what the demand is for TN's in the DC area and how generous they're being with her per diem. I know California is popular destination for travel nurses.