Landlords are listing their furnished properties on Travel Nurse Housing because renting to traveling nurses ensures better tenants with longer stays! There are tens of thousands of property owners who rent a spare room or a back-house to travel nurses because it provides extra income without the risk of a traditional tenant. Here’s why renting your place to travel nurses may work for you.
Anatomy of a Travel Nurse
Travel nurses take a new assignment about every 3 months which means they’re always looking for furnished housing! Also, there are a lot of them! The pool of travel nurses can be around 30,000 at any given time, depending on hospital hiring patterns, and represents a group of professional employees who are always looking for short-term furnished rentals!
Travel nurses can travel alone, with roommates, or with a small family (and sometimes they’ll even bring a pet to keep them company). The two main components to successfully renting your space to travel nurses are geography and affordability most of the time. They need to be within 20-40 minutes of their assignment, and since they’re on a housing stipend, rents need to line up with their budget. We’ll also talk about what travel nurses expect, and how you can get your unit ready for a travel nurse tenant as well!
The Pulse of Renting to Travel Nurses
They receive a housing stipend to cover their housing costs, but there are two factors that can over-extend that stipend.
There are about 400 medical staffing companies that place these travel nurses nationwide, and stipend amounts are negotiated differently by each one of them. This makes affordability a travel nurse’s #1 focus.
High cost cities can be challenging to navigate when faced with competitive (or not so competitive) stipend amounts, which is why shared spaces, as well as individual units, are equally important.
Hospital beds are filling up at alarming rates, and cities are building new hospitals just to keep up with the demand. This trend doesn’t seem to be changing anytime soon due to the flood of aging baby-boomers amongst rising populations. According to the Washington Business Journal article dated November 3rd, 2017, Washington DC is investing $2.8 billion in local hospitals to meet the rise in their patient population which is projected to spike 24% by 2030.
5 Reasons Travel Nurses Make Great Tenants!
There’s nothing that landlords like more than quality tenants, and the medical staffing industry is like a machine that keeps pumping them out! Why do travel nurses make great tenants? 1) They’re employed. 2) They’re background & drug screened prior to accepting the position. 3) They stay for 3 months at a time (industry standard contract length). 4) They’re traveling professionals - which means they’re a little more predictable than a typical short-term or vacation rental tenant. 5) They receive a housing stipend to cover expenses. Oh, and about 1/4 of the time they’ll renew their contract for a subsequent term!
What are Travel Nurses Looking For?
Travel Nurses just need a clean, safe place where they can be comfortable and get rest between shifts. They work 12 hour shifts and prefer quiet environments as they’re either day-sleepers or night-sleepers. They want furnished units that come with all utilities (Wifi is practically a must!) and need the basic housewares to eat, sleep, relax, and make an occasional meal.
They’ll rent spare rooms, back-houses, granny flats, basements, studios, condos, apartments, townhouses, hotels…. and everything in between. Because of the huge demand for month to month travel nurse housing, they’ll consume practically anything that’s short-term, safe, clean, comfortable, and in budget.
R TN’s 4 U?
Travel Nurse Housing has a simple, yet effective model for US landlords looking to market their property to the travel healthcare industry...but there’s one catch. Not every property qualifies. We like to have a conversation with every landlord before they list to ensure that their property is ideal for our traveling healthcare professionals.
If you think your furnished space is perfect for a travel nurse, or you’ve rented to a travel nurse before and want to connect with more of them, perhaps the Travel Nurse Housing site will work for you?! Click here for more information.
Good luck and happy (travel nurse) renting!
All listings on Travel Nurse Housing are also displayed on Furnished Finder, the exclusive partner site of Travel Nurse Housing.com.