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

    @Rachel Gainsbrugh How are you marketing to displaced families? I currently have a MTR. I've reached out to a few insurance agents, and they all basically said the same thing. The people generally find their own place. 

    Thanks!

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

    Appreciate the insight. I've heard large deposits annoy MTR tenants, but I don't see how anyone could possibly feel ok renting out anything without that security.

    1Reply
  • Jeff CopelandBusiness Member
    Real Estate Broker · Tampa Bay/St Petersburg, FL · Member since 2015 · 1k+ posts · 2k+ votes
    3y

    We see the same thing with mid-term rental management in St Petersburg FL - More than half of our inquiries through Furnished Finder are non-nurses. 

    Travel nurses are a great example of a target market that has a demand for medium-term furnished housing, but they are only one example. 

    I think one positive is if you design your property and your marketing with travel nurses in mind, you will still attract the others.

    Copeland Morgan LLC4.770 Reviews
    WebsiteView Page
    2Reply
  • Justin Rademacher
    Real Estate Agent · Member since 2022 · 61 posts · 31 votes
    3y

    Very insightful and helpful information. Thanks for sharing!

    1Reply
  • Rachel Gainsbrugh
    Real Estate Coach · Atlanta, GA · Member since 2019 · 19 posts · 22 votes
    3y
    Quote from @Account Closed:

    @Rachel Gainsbrugh How are you marketing to displaced families? I currently have a MTR. I've reached out to a few insurance agents, and they all basically said the same thing. The people generally find their own place. 

    Thanks!

    Oh hey @Account Closed - just seeing this now!   

    Despite reaching out to insurance agents, we have not received any leads from them... not even one.  However, for the past 3 years, we have been fully booked by directly listing with the top temporary housing agency in North America, ALE Solutions, as well as with local temporary housing agencies.   AirBNB, VRBO, & CHBO have brought in some leads as well.  

    Hope that helps!

    2Reply
  • Karthik Dontula
    Member since 2022 · 16 posts · 7 votes
    3y
    Quote from @Rachel Gainsbrugh:

    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.

     @Rachel Gainsbrugh How did you find the insurance companies or did they find you?

    0Reply
  • Mario I Fernandez
    Miami Beach, FL · Member since 2019 · 124 posts · 48 votes
    3y

    Thanks for sharing your experience @Luke Stewart!

    1Reply
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