Viability of Colorado for Mid-Term Rentals

[Paul Kim]

Hi Everyone, first post on the forums. I've recently purchased a 2 Bed 2 Bath property in Englewood, CO where I plan to live in the second bedroom and rent out the primary bedroom which has an attached, private bathroom. I was curious if anyone had any knowledge regarding the travel nurse situation in Colorado since that is the group I was planning on marketing towards. An initial search online showed that CO is sometimes considered a "destination" location and nurses are willing to take a pay cut to travel here, especially in the winter months for ski season. If anyone has any input on the viability of mid-term rentals to travel nurses I'd appreciate it, especially since my house is near 3 big hospitals. 

Thanks,

PK

[Bonnie Low]

I agree with @Brett Deas. You're going to find it very competitive and the rent-by-room situation, particularly when the owner lives in the property is always going to be limiting. In addition, the majority of travel nurses are female and renting a room in a shared home occupied by a guy is going to be further limiting. You may get some, but you're making it pretty hard on yourself. The second bath being private and fully dedicated to the traveler will help. Be sure to put a digital keypad on the door to your renter's room so they feel like their space is totally secure. Lastly, you're going to want to really nail your design. There's got to be some cool features that make your listing standout. The design, the amenities, the location...what features do you have that would make someone want to stay at your place? If you're thinking you'll attract skiers, can you get them a discount on lift tickets? Or free shuttle to the mountains? Access to a hot tub for soaking after skiing? You didn't mention what your outdoors space looks like but a hot tub, fire pit and string lights can do wonders to attract guests. If you're targeting digital nomads do you have a dedicated office work space for them where they can have quiet for Zoom calls and meetings? We stayed in a house recently where the owners were podcasters so they had one room set up like a studio. If you had to work from home you could just plug in to their docking station and use their equipment, which was a super cool concept. Digital nomads don't want to have to be in their bedroom day and night sleeping and working and working and sleeping so you really need somewhere they can work that isn't the bedroom. Do you have room in the backyard to set up a shed that could be used like a studio, or a yoga or meditation room? These are all things that will help you standout. Otherwise, you're in a pretty tough niche.