Property Manager · Prineville, OR · Member since 2016 · 261 posts · 166 votes
I’m looking to connect with a few people that rent out units to traveling nurses. I have a 4 plex about 5 mins away from a hospital where I just had my baby girl!!
But I was curious what things I should be aware of when considering making a unit ready to rent to traveling nurses. Is the vacancies a lot lower? I see lots of deals structured with 30 day minimums. To me I’d rather stay in a house with my own living space vs staying in a hotel for 30 days at $100 a night.
Overall, this is what travel nurses typically look for in housing:
Provide lease terms of 3 months or less
Month-to-month lease terms are highly desirable
Furnish your property
Provide utilities, cable and WIFI. Roll the cost into the price.
Price your property inline with normal market values.
Also, this website, hands down, provides the best information on travel nurses https://www.thegypsynurse.com/... to always be aware of when renting to travel nurses:
Length of Stay
Travel nursing contracts typically last 13 weeks. Contracts can be both longer or shorter than 13 weeks. However, only a small percentage are over 13 weeks. Therefore, if you must lease your property for longer than that, then travel nursing is not the right market for you.
Contract Cancellations
Additionally, hospitals can cancel travel nursing contracts for any number of reasons. Moreover, travel nurses are away from home so they may come across any number of reasons to cancel a contract early. This is simply the nature of remote contract work.
Furnishings
The property should always be furnished down to the "forks" I like to say.
Utilities, Cable and WIFI
Travel nurses strongly prefer properties that provide utilities, cable and WIFI. Setting this up for them would be a hedache
Price
Travel nurses typically avoid properties that charge high premium prices for short-term stays but, you can certainly factor in the cost of furniture, utilities, cable and WIFI. Travel nurses expect to pay extra for those services.
Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes
5y
@Lioneil Guevarra When AirBnB started to dry up for a little bit last year here in the Bay Area I was telling people to use their existing AirBnB rental as a place to cater to traveling nurses. The ones who listened didn't skip a beat and kept the income coming in.
Rental Property Investor · Oakland, CA · Member since 2021 · 17 posts · 16 votes
5y
Brian Garlington Yup. That's great advice. I've actually been renting to healthcare professionals for the past few years. My day job is a hospital pharmacy in Palo Alto. So I know a lot about this niche. It's a great one as tenants tend to be more professional and reliable. I actually want to venture out of state now, and I joined this group today so I can get some tips. I'm kind of nervous about letting control go so I can free up more opportunities in different locations.
Property Manager · Prineville, OR · Member since 2016 · 261 posts · 166 votes
5y
@Lioneil Guevarra
Wow man sounds awesome! I’d love to learn from you. Have you read long distance real estate investing by David Greene? That book helped me calm my fears
Rental Property Investor · Oakland, CA · Member since 2021 · 17 posts · 16 votes
5y
@Patrick Flanagan I'm I actually reading it right now, and putting together a team and system is critical. It's a great resource because it articulates everything I'm trying to figure out.
Overall, this is what travel nurses typically look for in housing:
Provide lease terms of 3 months or less
Month-to-month lease terms are highly desirable
Furnish your property
Provide utilities, cable and WIFI. Roll the cost into the price.
Price your property inline with normal market values.
Also, this website, hands down, provides the best information on travel nurses https://www.thegypsynurse.com/... to always be aware of when renting to travel nurses:
Length of Stay
Travel nursing contracts typically last 13 weeks. Contracts can be both longer or shorter than 13 weeks. However, only a small percentage are over 13 weeks. Therefore, if you must lease your property for longer than that, then travel nursing is not the right market for you.
Contract Cancellations
Additionally, hospitals can cancel travel nursing contracts for any number of reasons. Moreover, travel nurses are away from home so they may come across any number of reasons to cancel a contract early. This is simply the nature of remote contract work.
Furnishings
The property should always be furnished down to the "forks" I like to say.
Utilities, Cable and WIFI
Travel nurses strongly prefer properties that provide utilities, cable and WIFI. Setting this up for them would be a hedache
Price
Travel nurses typically avoid properties that charge high premium prices for short-term stays but, you can certainly factor in the cost of furniture, utilities, cable and WIFI. Travel nurses expect to pay extra for those services.
My partner at my company has worked in the space and has taught me about it, being that my company lends to short term property owners. I personally don't have these types of units.
I would definitely recommend looking into the demand for travel nurses for your area because there is a lot of turnover.
Realtor · Louisville, KY · Member since 2021 · 15 posts · 8 votes
5y
@Patrick Flanagan darkening curtains and blinds are great for nurses regardless of shifts they work. Quiet spaces also
So they can rest after long 12-14 hour shifts. Most nurses work 4-12 hr shifts on their 8-13 week assignments so they wanna sleep when they’re off.
Single Family homes would be comfortable and quiet for sure & some Nurses travel with their pet friend. Also some nurses travel with their friends for assignments so a 2 Or 3 bedroom house could go for more if you rent a “room” To each nurse in their “group”.
Rental Property Investor · Pinellas Park, FL · Member since 2017 · 9 posts · 2 votes
4y
@Patrick Flanagan I'm a little late to the party but I will say that I've had a studio apartment rented by travel nurses for 2+ years and they are excellent renters! Clean, quiet, easy to manage and honest. They will also pay a premium for their place as well. The biggest challenge I've faced is background checks and lease agreement dilemmas - with a non-short term rental but also not a full 6/12 month lease, some have been a bit resistant to paying for a background check. In building relationships with them, I've learned that most don't ask but that seems a bit too risky. I've been accepting a contract to support in the interim as they do get background checked before hire and this has been a little easier even if they will take a photo, not expose their pay, etc. I just need to know they aren't criminals :-) Hope this helps.