MTR is NOT only travel nurses!

Medium-Term Rentals
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MTR is NOT only travel nurses!

Luke Stewart
Investor · Member since 2022 · 111 posts · 150 votes

Just wanted to put this out there for those who are interested in MTR or do MTR but haven't really explored the possible tenants. I personally am a travel nurse, but I have rented my home MTR to 5 different renters since last November and only 2 of them have been travel nurses. My home is within 5 miles of 4-5 MAJOR hospitals in Denver. I think its important to not forget that the market is not only travel nurses but any traveling employees, people building or buying a home, WFH who want to explore a city, people unsure where to rent, etc. I have had a mix of everything and one thing I have learned in my quick year is that marketing specifically to travel nurses limits my potential market. If I had to pick near a hospital or close to a major business hub/city, I would probably pick the business hub/city. I have had a few nurses tell me they want to be closer to downtown Denver and want to commute to work, so they didn't rent my place. When I travel, I try and be close to the hospital, but i am choosing a "good living location" over a close hospital every time. Also, get top notch wifi, WFH is real and both of my nurse renters had significant others who worked from home and needed a designated work space and fast WIFI. I am a huge MTR fan and I am biased as a nurse, but don't get blinded by "travel nurses" when there are so many other renters out there!

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Allen DuanPro Member
Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
3y

Totally agreed. We manage mid term rentals in Los Angeles and, while travel nurses are our most common guests, we also get a lot of families renovating or repairing their homes and guests who are moving to the area and need temp housing as they search for a long term home. These two types of guests are plentiful in a highly populated urban area like where we are.

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  • Nate Sanow
    I​nvestor & Agent · Tulsa, OK · Member since 2016 · 1k+ posts · 1k+ votes
    3y

    Thanks for sharing this.

    1Reply
  • Allen DuanPro Member
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    3y

    Totally agreed. We manage mid term rentals in Los Angeles and, while travel nurses are our most common guests, we also get a lot of families renovating or repairing their homes and guests who are moving to the area and need temp housing as they search for a long term home. These two types of guests are plentiful in a highly populated urban area like where we are.

    6Reply
  • Account Closed
    Investor · 60010 · Member since 2022 · 16 posts · 11 votes
    3y

    @Luke Stewart

    I have a SFH I am ready to list as a mid-term rental. What do you find to be the most common and effective way to collect rent, security deposit, and fees? For example, on a 3-month stay do they pay 2 months rent (first and last up front), plus deposit, plus fees, and then pay the second month of rent 30 days later? 1 month rent upfront along with deposit and fees? Something else? Any other tips would be appreciated. Thanks.

    3Reply
  • Allen DuanPro Member
    Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
    3y

    We require first month's rent, deposit, and any one time fees upon booking. And then monthly payments begin 30 days after check in. I think for such a short stay, requiring first and last month's rent up front isn't necessary. 

    1Reply
  • Luke Stewart
    OP
    Investor · Member since 2022 · 111 posts · 150 votes
    3y

    @Account Closed

    I agree with Allen about first and last month payments, if they move in halfway through the month I haveeven allowed just the 1/2 month, security deposit and one times fees (pet fees) then monthly payments begin on the 1st each month. I prefer to collect paper checks, but I once accepted Venmo. I always ask for checks but if its too much work I will allow online payments. I find MTR renters kind of treat the "process" like an STR but act more like LTR tenants. They ask more questions than an STR renter but treat your property with more respect than an LTR renter. I try and be as flexible as I can and take care of issues quickly because some of these are renters who may want to extend, and if they do it means less turnover for me! That being said I always write a lease if its not a rental through airbnb or vrbo and I write out house rules just like with an STR so the tenants know my expectations. Are they staying longer than an STR, sure, but they are still in a full furnished home and I find if I act like an STR host, they respond positively to the interaction. Welcome to the MTR world!

    2Reply
  • Robert Finn
    Realtor · San Antonio, TX · Member since 2021 · 150 posts · 107 votes
    3y

    MTR is a great strategy during off peak season. Here in San Antonio TX, I'm seeing demand from military families while they house hunt, couples performing remodels and needing temp housing, travel nurses, and temp housing from insurance claims. Furnished Finder works great when you act quickly and reach out as new inquires come in. Here in San Antonio, if you have stays less than 30 days you must pay the hotel occupancy tax, which is right around 9% of your net payout. MTR avoids this :) Using key check and other tenant screening options also helps. Our peak season is just right after spring so its great to lock in these type of stays before the season.

    1Reply
  • Lawrence FraherPro Member
    Property Manager · Smokey Mountains · Member since 2022 · 24 posts · 12 votes
    3y

    Love the posts so much information. I have even heard of contacting your insurance company and letting them know you have a property that they can put displaced family's in while their home is rebuilt from a fire of flood.  Naturally that is an extra furnishing expense but insurance companies from what I hear are great tenants. 

    2Reply
  • Conner Olsen
    Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    3y
    Quote from @Luke Stewart:

    Just wanted to put this out there for those who are interested in MTR or do MTR but haven't really explored the possible tenants. I personally am a travel nurse, but I have rented my home MTR to 5 different renters since last November and only 2 of them have been travel nurses. My home is within 5 miles of 4-5 MAJOR hospitals in Denver. I think its important to not forget that the market is not only travel nurses but any traveling employees, people building or buying a home, WFH who want to explore a city, people unsure where to rent, etc. I have had a mix of everything and one thing I have learned in my quick year is that marketing specifically to travel nurses limits my potential market. If I had to pick near a hospital or close to a major business hub/city, I would probably pick the business hub/city. I have had a few nurses tell me they want to be closer to downtown Denver and want to commute to work, so they didn't rent my place. When I travel, I try and be close to the hospital, but i am choosing a "good living location" over a close hospital every time. Also, get top notch wifi, WFH is real and both of my nurse renters had significant others who worked from home and needed a designated work space and fast WIFI. I am a huge MTR fan and I am biased as a nurse, but don't get blinded by "travel nurses" when there are so many other renters out there!


     You're absolutely right! I'm walking distance from major hospital and never had a nurse. They are one section of the tenant pool. I'm getting higher rents on Airbnb than FF, are you seeing that same trend?

    0Reply
  • Luke Stewart
    OP
    Investor · Member since 2022 · 111 posts · 150 votes
    3y

    Yes definitely, on Airbnb I average about $3300 a month since I started. The most was $3500 and a longer renter at $3000. Furnished finder I have always rented at $3000 but its listed at $3500.  My current renters are at $3000 on FF and they just moved in. I do like having a real lease with FF but its definitely easier with airbnb. In the end I find doing both important because some people are just sick of airbnb fees and dont look there for MTR stays. I also like having a renter that doesn't force me into the "we are airbnb, do what we say for good reviews" trap that once really hurt me with a bad renter who did a fair amount of damage. Had to fight with airbnb over $500 for 3 months while they did nothing to actually try and get money from the renter (I learned my lesson, good security deposits are a MUST). Last thing, I have been the one to reach out on FF to the tenants I have had from FF. The "potential  leads" and most of them have budgets lower than my place, so I list at $3500 and usually meet in the middle at $3000, Its my minimum rental price for the cash flow I expect and when I offer the "discount" they feel good about it too. Sorry for the long winded answer.
    3Reply
  • Conner Olsen
    Real Estate Agent · Austin, TX · Member since 2020 · 1k+ posts · 941 votes
    3y
    Quote from @Luke Stewart:

    Yes definitely, on Airbnb I average about $3300 a month since I started. The most was $3500 and a longer renter at $3000. Furnished finder I have always rented at $3000 but its listed at $3500.  My current renters are at $3000 on FF and they just moved in. I do like having a real lease with FF but its definitely easier with airbnb. In the end I find doing both important because some people are just sick of airbnb fees and dont look there for MTR stays. I also like having a renter that doesn't force me into the "we are airbnb, do what we say for good reviews" trap that once really hurt me with a bad renter who did a fair amount of damage. Had to fight with airbnb over $500 for 3 months while they did nothing to actually try and get money from the renter (I learned my lesson, good security deposits are a MUST). Last thing, I have been the one to reach out on FF to the tenants I have had from FF. The "potential  leads" and most of them have budgets lower than my place, so I list at $3500 and usually meet in the middle at $3000, Its my minimum rental price for the cash flow I expect and when I offer the "discount" they feel good about it too. Sorry for the long winded answer.

     This is super helpful, thanks! I've been passive about the tenant leads bc it seems like they weren't always good fits for my property. That's a good tip, I should spend more time on them and 'offer discounts'. I forget that lease prices are negotiable.

    0Reply
  • Luke Stewart
    OP
    Investor · Member since 2022 · 111 posts · 150 votes
    3y

    Yes they are! And I would still be careful with tenants and do your screening, airbnb and their reviews make it really simple. Since FF is mainly medical people, I tend to look for couples, a pet, hopeful to extend and people that seem excited about being in Colorado because it usualy means they will be out doing things and not destroying my home... usually... :)

    1Reply
  • Trent Rogers
    Rental Property Investor · Louisville, TN · Member since 2017 · 27 posts · 8 votes
    3y

    So when determining demand for nurses I assume an investor could reach out to hospitals and nursing agencies, but how would you find what other potential types of tenants are in your market?

    Maybe reaching out to HR at some of the larger corporations in town? I know insurance agents got mentioned above, I guess the same would be true for contractors doing large remodels.

    There seem to be very few MTR in my area on FF, Kopa, or Airbnb. The area I'm looking to buy in is very convenient to downtown and 4-5 hospitals along with several small "satellite" hospitals and specialists. We also have two large corporations building new facilities here along with 4-5 well established corporations all in different industries....oh, and if I'm lucky there a chance I could rehab or build in an OZ.

    I'm pretty sure this is the strategy I want to pursue but I need to make sure there is enough demand for it. Regardless of what I buy I'll make sure the numbers work as a LTR for a safety net but since I plan on going full time as an investor the cashflow is the goal.

    0Reply
  • Sarah WeaverPro Member
    Rental Property Investor · KC, MO · Member since 2015 · 38 posts · 50 votes
    3y

    It's true! The beauty of furnished rentals is that they serve a wide pool of tenants. I love my furnished MTR units. 

    Podcast Guest on Show #232
    4Reply
  • Simon Ashbaugh
    Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes
    3y

    Good food for thought, do you see a decrease in the number of travel nurses now that covid seems to be winding down? 

    0Reply
  • Luke Stewart
    OP
    Investor · Member since 2022 · 111 posts · 150 votes
    3y
    Quote from @Trent Rogers:

    So when determining demand for nurses I assume an investor could reach out to hospitals and nursing agencies, but how would you find what other potential types of tenants are in your market?

    Maybe reaching out to HR at some of the larger corporations in town? I know insurance agents got mentioned above, I guess the same would be true for contractors doing large remodels.

    There seem to be very few MTR in my area on FF, Kopa, or Airbnb. The area I'm looking to buy in is very convenient to downtown and 4-5 hospitals along with several small "satellite" hospitals and specialists. We also have two large corporations building new facilities here along with 4-5 well established corporations all in different industries....oh, and if I'm lucky there a chance I could rehab or build in an OZ.

    I'm pretty sure this is the strategy I want to pursue but I need to make sure there is enough demand for it. Regardless of what I buy I'll make sure the numbers work as a LTR for a safety net but since I plan on going full time as an investor the cashflow is the goal.


     I would go on FF and message the properties you see and just ask about their bookings and if they are struggling. Thats probably the best way to find out how the current market is in your area!

    0Reply
  • Luke Stewart
    OP
    Investor · Member since 2022 · 111 posts · 150 votes
    3y
    Quote from @Simon Ashbaugh:

    Good food for thought, do you see a decrease in the number of travel nurses now that covid seems to be winding down? 


     I find the market is always fluctuating with needs. Contracts are posted about 4 weeks before a start date so its changing all the time. Rural hospitals that see less patients will need less staff. But big cities with large populations will need help. There were less contracts this summer but it has picked up again this fall. The biggest change I have seen is cheaper contracts vs covid. But everytime I take a contract, the staff are thrilled that I am there because they need the help. 

    2Reply
  • Simon Ashbaugh
    Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes
    3y
    Quote from @Luke Stewart:
    Quote from @Simon Ashbaugh:

    Good food for thought, do you see a decrease in the number of travel nurses now that covid seems to be winding down? 


     I find the market is always fluctuating with needs. Contracts are posted about 4 weeks before a start date so its changing all the time. Rural hospitals that see less patients will need less staff. But big cities with large populations will need help. There were less contracts this summer but it has picked up again this fall. The biggest change I have seen is cheaper contracts vs covid. But everytime I take a contract, the staff are thrilled that I am there because they need the help. 


     Interesting. How have you marketed your MTR? Has it been specifically to travel nurses?

    0Reply
  • Luke Stewart
    OP
    Investor · Member since 2022 · 111 posts · 150 votes
    3y
    Quote from @Simon Ashbaugh:
    Quote from @Luke Stewart:
    Quote from @Simon Ashbaugh:

    Good food for thought, do you see a decrease in the number of travel nurses now that covid seems to be winding down? 


     I find the market is always fluctuating with needs. Contracts are posted about 4 weeks before a start date so its changing all the time. Rural hospitals that see less patients will need less staff. But big cities with large populations will need help. There were less contracts this summer but it has picked up again this fall. The biggest change I have seen is cheaper contracts vs covid. But everytime I take a contract, the staff are thrilled that I am there because they need the help. 


     Interesting. How have you marketed your MTR? Has it been specifically to travel nurses?

    I don't market specifically to travel nurses. I try and mention all the things someone could want. I mention the distance to hospitals (nurses), my work from home set up (WFH), park across the street for dogs (pet owners) and that its furnished like a home and not a rental (families), all the kitchen appliances you could ever want. Also, the way it's listed is different on FF than on Airbnb, on FF I talk more about hospitals and the travel nursing "exploring colorado" energy. Airbnb i mention all the other stuff. 
    2Reply
  • Simon Ashbaugh
    Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes
    3y
    Quote from @Luke Stewart:
    Quote from @Simon Ashbaugh:
    Quote from @Luke Stewart:
    Quote from @Simon Ashbaugh:

    Good food for thought, do you see a decrease in the number of travel nurses now that covid seems to be winding down? 


     I find the market is always fluctuating with needs. Contracts are posted about 4 weeks before a start date so its changing all the time. Rural hospitals that see less patients will need less staff. But big cities with large populations will need help. There were less contracts this summer but it has picked up again this fall. The biggest change I have seen is cheaper contracts vs covid. But everytime I take a contract, the staff are thrilled that I am there because they need the help. 


     Interesting. How have you marketed your MTR? Has it been specifically to travel nurses?

    I don't market specifically to travel nurses. I try and mention all the things someone could want. I mention the distance to hospitals (nurses), my work from home set up (WFH), park across the street for dogs (pet owners) and that its furnished like a home and not a rental (families), all the kitchen appliances you could ever want. Also, the way it's listed is different on FF than on Airbnb, on FF I talk more about hospitals and the travel nursing "exploring colorado" energy. Airbnb i mention all the other stuff. 

     Awesome! Sounds like you're in the perfect spot!

    0Reply
  • Trent Rogers
    Rental Property Investor · Louisville, TN · Member since 2017 · 27 posts · 8 votes
    3y

    @Luke Stewart thanks for the feedback! There are only a few on FF in my area. I did reach out to one (complimented his staging and rehab on his properties) but the conv sort of stalled out because I didn’t know how to transition into questions like that.

    Not only do I feel like I’m wasting their time but also I feel like I’m asking “hey want competition?” 😂

    Maybe offer them a consultation fee via PayPal or cash app? 🤷🏻‍♂️

    I plan on self managing so I don’t want to reach out to PM’s.

    I can ask my agent friends but that’s a pretty small sample size and not really their forte anyways.

    This week has been a bit crazy so I haven’t started Zeona’s book yet but I’m hoping it will give me some better ideas.

    0Reply
  • Luke Stewart
    OP
    Investor · Member since 2022 · 111 posts · 150 votes
    3y
    Quote from @Trent Rogers:

    @Luke Stewart thanks for the feedback! There are only a few on FF in my area. I did reach out to one (complimented his staging and rehab on his properties) but the conv sort of stalled out because I didn’t know how to transition into questions like that.

    Not only do I feel like I’m wasting their time but also I feel like I’m asking “hey want competition?” 😂

    Maybe offer them a consultation fee via PayPal or cash app? 🤷🏻‍♂️

    I plan on self managing so I don’t want to reach out to PM’s.

    I can ask my agent friends but that’s a pretty small sample size and not really their forte anyways.

    This week has been a bit crazy so I haven’t started Zeona’s book yet but I’m hoping it will give me some better ideas.


     You could do that, I guess I would reach out and just be up front 

    "hey, I saw you post on furnished finder, I am going to be renting my home for a bit while I am out of state and I was curious your experience in what type of renters you get? And how your vacancy is? If you dont feel like answering thats fine, but I thought I would ask and see if you have any tips!"

    Some people will be jerks and not answer, but there are good people out there who will not see you as "this person will steal my business" and help, I know if someone reached out to me like that I would answer all questions. 

    1Reply
  • Trent Rogers
    Rental Property Investor · Louisville, TN · Member since 2017 · 27 posts · 8 votes
    3y

    Thanks, I think I'll circle back and give it a shot!

    1Reply
  • Rachel Gainsbrugh
    Real Estate Coach · Atlanta, GA · Member since 2019 · 19 posts · 22 votes
    3y

    MTR Displaced families are undoubtedly my favorite people to serve. We have larger homes so we cater to large families.  The best part is that we are able to charge a premium to insurance companies, not the guests.. so a win win all around.

    1Reply
  • Nicole Heasley Beitenman
    Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    3y
    Quote from @Luke Stewart:

     Is your security deposit equal to the first month's rent like a traditional LTR?

    0Reply
  • Luke Stewart
    OP
    Investor · Member since 2022 · 111 posts · 150 votes
    3y
    Quote from @Nicole Heasley Beitenman:
    Quote from @Luke Stewart:

     Is your security deposit equal to the first month's rent like a traditional LTR?

    I have chosen to do a half month. So my security deposit is $1500 since I rent it for $3000 but I have considered going up a few times to $2000 after this renter. Add in my pet fee and its $1750 total with $1500 refundable. Not sure why I decided this but its just how I have been doing it. Initially I did $500 and my very first renter did about $600 in damages in one month. I learned quickly. 
    1Reply
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