Medium Term Tenants

Member since 2023 · 72 posts · 31 votes

Hello BP,

I always read about renting your units to nurses for great rents within the medium term tenants. I’m just not sure how to go about searching for a tenant like that? Right now more committed to long term (minimum 1 year) leases for my two units. But would love to tap into the medium term at some point too.

Any advice would be helpful!

1 Reply

30 views

Most Popular Reply

Patrick O'SheaPro Member

Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes

Demand was my biggest question when I started. I took the leap knowing there were a number of hospitals in the area. Turns out a site like this can help you identify what hospitals are producing the demand. It confirmed where the demand was coming from.

https://www.vivian.com/browse-jobs/landing

4 Reply

See this reply in the discussion

9 Replies

Jump to latestLatest

Sort by

Colleen F.Pro Member
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
2y
@Christopher Morris Go on the Furnished finder website and run a search for your area. There are stats on the bottom of the first page. Also look at the rented units in your area that show up in your search and are available. If you see alot of available units might be more supply than demand. Also the units listed similiar to yours will give you an idea of a competitive price. You can also look on airbnb for rentals of greater than 30 days. Traveling health professionals prefer smaller units so typically a maximum of 2 bedrooms. furnished finder also has a number of other resources on furnished you can use. This site also has a book called the 30 day stay.
3 Reply
Patrick O'SheaPro Member
Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes
2y
Demand was my biggest question when I started. I took the leap knowing there were a number of hospitals in the area. Turns out a site like this can help you identify what hospitals are producing the demand. It confirmed where the demand was coming from.
https://www.vivian.com/browse-jobs/landing
4 Reply
Christopher Morris
OP
Member since 2023 · 72 posts · 31 votes
2y
Quote from @Colleen F.:

@Christopher Morris Go on the Furnished finder website and run a search for your area. There are stats on the bottom of the first page. Also look at the rented units in your area that show up in your search and are available. If you see alot of available units might be more supply than demand. Also the units listed similiar to yours will give you an idea of a competitive price. You can also look on airbnb for rentals of greater than 30 days. Traveling health professionals prefer smaller units so typically a maximum of 2 bedrooms. furnished finder also has a number of other resources on furnished you can use. This site also has a book called the 30 day stay.
That’s good to know on the 2 beds, I wouldn’t have realized that. Thanks for the info!
0 Reply
Christopher Morris
OP
Member since 2023 · 72 posts · 31 votes
2y
Quote from @Patrick O'Shea:

Demand was my biggest question when I started. I took the leap knowing there were a number of hospitals in the area. Turns out a site like this can help you identify what hospitals are producing the demand. It confirmed where the demand was coming from.
https://www.vivian.com/browse-jobs/landing
this is an interesting site. Thank you!
1 Reply
Zachary DealPro Member
Lender · Member since 2023 · 464 posts · 425 votes
2y
I would recommend checking out the Traveler Search (link below) on Furnished Finder and check Airbnb/VRBO for 30+ stays to gauge demand/competition in your area.

Travel nurse housing/furnished rentals in Jersey City New Jersey (furnishedfinder.com)

[email protected]
0 Reply
Jamie Banks
Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
2y
@Frank Louvis can you speak to the Jersey City market?
0 Reply
Mason WeissBusiness Member
Realtor · Phoenix, AZ · Member since 2021 · 523 posts · 239 votes
2y
Hey @Christopher Morris, market your property as a MTR and then you can verify demand. You do not need to move forward with any interest, but you can get your market and monthly rent rate all while still using your property as a long term rental.
[email protected]480-818-7745
1 Reply
Bonnie LowPro Member
Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
2y
Midterm rentals can be a great niche and will typically yield more than long term rents - most people project 1.5x - 2x long term rents. This is very dependent on your particular property and the type of guest who is a good fit for it. Travel nurses are commonly associated with midterm rentals but the guest pool is much broader than this. Within the medical community you'll find all sorts of people who pick up travel contracts, like respiratory therapists, physical therapists, phlebotomists, etc. Further, the travel community is growing daily: it includes digital nomads, construction workers, people who are relocating, military, insurance placements, etc. That said not every property is a good fit. Location really matters regardless of what guest type you're trying to attract. And now that there's so much more competition, your design, decor and amenities really matter as well.
[email protected]
1 Reply
Shawn McenteerBusiness Member
Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
2y
Midterm rentals particularly in North Jersey is an absolute game changer. So far we have seen at least a 20% increase in rents across the MTR properties my clients have. NJ works well for the strategy especially for house hackers becuase self managing can be very simple.
973-975-3895
House Hacking New Jersey563 Reviews
Website View Page
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.