Financial Analyst · Mountain View, CA · Member since 2015 · 12 posts · 8 votes
Hi BP,
I did a general search in the forums for traveling nurse rentals, but want to get feedback from the SJ area.
I have a SFH and was thinking about renting some of the rooms to traveling nurses. Does anyone have experience with these kinds of rentals? Would appreciate any kind of feedback with how to get started, things to consider, and any other tips. Thanks!
I don't have any helpful hints from the investing perspective, but I can give personal feedback as an RN that traveled for nearly 7 years all across the country. This would be a HUGE benefit to traveling RN's. It never failed that the hardest thing with any new assignment was housing. Period. At a minimum, you are at a new facility for 12 weeks. More realistically, 6-9 months. However, it is nearly impossible to find anyone willing to do lease terms that short. Think about it from investing, however. You know this tenant is going to have guaranteed income (and a lot of it), and I would argue that the vast majority are responsible and less likely to trash the place, as they are in a new area without the social connections to be throwing large parties at "their own" place.
So to recap, guaranteed income, responsible tenants, and you can charge a premium (as short lease convenience, similar to the way they do month-to-month renters). Only potential drawback would be with shorter lease cycles, potentially higher vacancy rates/times. However, you market and time correctly, I don't see this being an issue.
Market to: nurse staffing agencies specifically (as they often have to relay nurses to long term hotels for housing due to lack of options), hospitals in the area (hang info on staff break room boards), and RN travel websites.
As mentioned, I traveled for nearly eight years as a nurse. I also owned and operated a nurse traveling agency. I have seen the struggle for quality housing from both perspectives and genuinely believe someone could niche this market in appropriate sectors. Would be more than happy to help further if anyone became interested.
Hey All, I am a travel nurse and traveled to the Bay Area working at Lucile Packard in 2016-2017 for 8 months. Here are some numbers that may be helpful to figure out pricing. I received about $1000 p/week as my housing stipend, but lived with a friend for free :) I knew nurses that were paying anywhere from $1000-$3000 p/month depending on the location. The higher numbers around $2000-3000 were living in downtown San Fran and paying for 1 room in a 2-3 room unit. I would say the lower numbers $1000-$2000, nurses were commuting from San Jose, Mt View or other cities w/i a 20 min drive to the hospital. Your pricing will also depend on the amenities you provide and if you have a separate bathroom for them.
I've also traveled to Denver and STL, so I'm happy to answer any questions about these markets as well!
@Anna Ohmes I am considering renting the upstairs of my house. I live outside of Memphis but within 30 mins of every hospital including St.Jude. The traveling nurse/ medical professional would have a furnished bedroom a bathroom a furnished den with TV couch etc and another empty room to use however they wish. The kitchen and laundry room are downstairs and would be shared with me. Would this be acceptable housing?
I don't have any helpful hints from the investing perspective, but I can give personal feedback as an RN that traveled for nearly 7 years all across the country. This would be a HUGE benefit to traveling RN's. It never failed that the hardest thing with any new assignment was housing. Period. At a minimum, you are at a new facility for 12 weeks. More realistically, 6-9 months. However, it is nearly impossible to find anyone willing to do lease terms that short. Think about it from investing, however. You know this tenant is going to have guaranteed income (and a lot of it), and I would argue that the vast majority are responsible and less likely to trash the place, as they are in a new area without the social connections to be throwing large parties at "their own" place.
So to recap, guaranteed income, responsible tenants, and you can charge a premium (as short lease convenience, similar to the way they do month-to-month renters). Only potential drawback would be with shorter lease cycles, potentially higher vacancy rates/times. However, you market and time correctly, I don't see this being an issue.
Market to: nurse staffing agencies specifically (as they often have to relay nurses to long term hotels for housing due to lack of options), hospitals in the area (hang info on staff break room boards), and RN travel websites.
As mentioned, I traveled for nearly eight years as a nurse. I also owned and operated a nurse traveling agency. I have seen the struggle for quality housing from both perspectives and genuinely believe someone could niche this market in appropriate sectors. Would be more than happy to help further if anyone became interested.
Great insights thanks Jonathan.
Was looking to do this in Downtown Santa Ana been running some ideas. Hope I can pick your brain some more.
I was looking at a studio condo - really cute and well furnished and nice complex but was wondering about these issues
1. What are some of the benefits vs cons of a traveling nurse using Airbnb vs a dedicated 90 day rental
2. Do most nurses want their own space ie studio vs 2 bedroom that they would have to share?
3. Convenience and hassle free definitely seems like that is what is desired, nurses work long hard shifts and dont want to mess with the hassle. But is cost savings a big component or is most of the cost paid by the agency.
4. What do most nurses do for transportation, now that Uber is so convenient do they require a car and how much of a premium is added for condos that are walking distance to hospital etc.
Investor · Lafayette, CA · Member since 2016 · 20 posts · 6 votes
7y
Hi Anna - Its very kind of you to pass along your real world information. Are most traveling healthcare professionals arriving at their new location with their own cars? I am asking since we have several Prius' (plural for Prius, I hope), we picked up at auction. Our intent is to provide valued services to our short term tenants who are typically flying in. We are using Turo, so all the back-end and insurance issues are taken care of. The vehicle would always be available onsite and cost $25/day when used. Any other wish list items that traveling compatriots would enjoy?
Has anyone used the services of, Furnished Finder or Traveling Nurses as a resource? I realize they charge a $99.00 annually, but wanted input. Pros/Cons? Thanks!
Property Manager · Ridley, PA · Member since 2017 · 427 posts · 449 votes
6y
I have used Furnished Finder. Well worth the $99 annual fee, at least in my market (Philly area). Most leads that came from FF were traveling medical professionals on short term assignments (most between 30 - 90 days).
Are traveling nurses normally looking for single family homes? I have a 2br. townhouse in San Jose close to Kaiser, would that kind of housing be of interest too?
Realtor · Louisville, KY · Member since 2021 · 14 posts · 8 votes
5y
@Erin A.… nurse travel stipends depend on the staffing agency and the contract per nurse or per assignment… I’d look at furnishedfinder for your area to see what’s posted…
Once you sign up for furnished finder they actually send you area requests by travelers and what they’re looking for… it’s helpful to get on that email list…
I agree with dark curtains or blinds bc sleep is majorly Important for nurses working long hours, despite shift. Also a place for laptop use and plugging in electronics is a plus too. Quieter places they can come to relax is ideal. I’d say if it’s a warm location then even a bigger plus would be somewhere they can go to chill & decompress… like a poolside or patio…
Some nurses travel alone and others travel with family… some nurses travel together so 2br or sfr are good too. It really depends on the nurse
Do bigger houses also make sense for traveling nurses? I have a 4 bed / 2 bath house in a beautiful Philly suburb close to hospitals. Would this be something that some traveling nurses or professionals would look for? I imagine most travel nurses would be looking for 1 or 2 bed spaces primarily?
Realtor · Louisville, KY · Member since 2021 · 14 posts · 8 votes
3y
I get requests for nurses who travel with family & pets that need a yard so I'd say yes but my strategy with that would be to post it on Furnished finders & other traveler sites AND also market it on airbnb even if you have to list it as a 30 day monthly furnished rental.. That way you maximize exposure. You might even put it on zillow as a month to month furnished rental & just put keywords that travel nurses & other travelers look for... you'll just have to be prepared to vet locals who are wanting to rent the house too.
Realtor · Louisville, KY · Member since 2021 · 14 posts · 8 votes
2y
I think there is always a market for 2 nurses traveling with pets or nurse traveling with families & pets as well. The houses I help place travelers in alwasy stay booked