Traveling nurses need these five things to book your furnished rentals... but before we begin, it’s important to understand their short-term work environment.
Typically, a nursing assignment will last for 13 weeks. The nurses have a choice between agency housing, or taking a stipend and finding their own.
About 80 percent of the time the nurses will opt for the stipend and attempt to find their own housing.
After the 13 weeks is up, the Traveling nurse will sometimes have the option to renew their contract and stay an additional 13 weeks.
From an investment standpoint, a 13-week assignment can be very appealing because unlike the furnished vacation rental industry that has nightly/weekly turnover, a traveling nurse may occupy a unit for 3-6 months and is willing to pay a premium to have it furnished with utilities included.
So while vacation rental property investments may not be for everyone, supplying Travel Nurse housing may be a good happy medium.
1. WIFI Isn't Just Nice To Have
Reliable WIFI is one of the most important things that Traveling Nurses look for. You can have the nicest place on the block, a great price, and a wonderful location that's close to their work assignment. But if you don’t have WIFI, the traveling Nurse will not rent your place.
Because nurses live on the road 13 weeks at a time, they expect to have WIFI so they can watch their Apple TV, Netflix & Hulu, and Amazon shows. The days of cable are dead (or at least dying); a Traveling nurse will almost always prefer Internet TV over Cable.
*If you're not quite ready to cut the cord from live shows, Hulu now offers streaming live TV for about 1/4 of the cost of traditional cable.
2. Location Matters...Big Time!
Traveling Nurses need to live within 30 minutes of the hospital they're assigned to, and often times need to be within 15 minutes drive time if they 'take call'.
About 1/3 of Traveling Nurses are on call and need to get to the hospital fast if they get called in.
3. Safety is Always a Top Priority!
A safe location is always at the top of their list and is just something that Traveling Nurse Housing can't compromise on.
If you have a property that is located in a questionable area, do you think a Traveling nurse - who are often times female and traveling alone - wants to stay in a suspect part of town?
The answer is most assuredly no!
Of course you’re going do everything you can to protect your tenants (gates, alarms, etc...) if you’re in a higher crime area, but travel nurses are very experienced professional travelers and may gravitate toward better areas.
4. Laundromat.... Who Does That?
It's simple. Would you rather go to the laundromat, or stay at home and do your laundry?
Exactly! Laundromats are no fun and nurses feel the same way... besides, they need to rest up for their next shift, not sit around for their stuff to dry.
Of course there are always exceptions, and large cities are one of them... In-unit laundry is typically not a deal-breaker in cities like Los Angeles, San Francisco, and New York for example.
A prime location in the middle of the city will trump the laundry issue every time because at some point, it will make the unit too expensive for a travel nurse’s budget. This is where having community laundry in the building is better than nothing!
5. Price it Right!
Stipend Traveling Nurses are always budget-conscious.
If you have a unit and are trying to present it as a viable option for Traveling Nurse Housing, it is a must to have it priced affordably.
Traveling Nurses are given stipends, which seem great, but can be a double-edged sword because they’re not always given enough to meet their rent obligation...especially in high cost cities.
Travel Nurse Housing should be priced lower than vacation rentals or corporate housing as a general rule because the landlord is realizing value from their 13 week stay.
These are the top 5 tips for landlords renting to travel nurses and we hope you’ve found them useful! Speaking of, if you have more questions about renting to travel nurses and want to speak with one of us, we’re happy to have a conversation! Happy travel nurse renting!
*if you’re a travel nurse and would like to find furnished housing, go here.