Short term rentals for Travel nurses
Travel nursing has been growing in popularity in the past few years as a career and also as a business opportunity. In 2019, there were an estimated 25,000 traveling nurses in the US with 2020 estimates at around 30,000 and the numbers are rising rapidly. Their work is basically nursing in different parts of the country and they are mainly on the move. Their contracts take anything from 13 weeks to months depending on the hiring agency. This has made opened a new niche in the real estate short term rental business which is estimated to be valued at more than $4 billion. Besides, there are an estimated 400 agencies involved in travel nursing placement.
Why landlords prefer renting to travel nurses
Renting to travel nurses presents many advantages to the investor. First, the shortest contract period is 13 weeks going by industry standards making business more predictable unlike other renters on short term vacations. This allows for better financial planning both for the nurse and the landlord. Secondly, most bookings for nurses are done by agencies that are likely to give a longer notice allowing for proper planning and preparation of the homes. They will also make payments either in advance or at an agreed interval depending on the length of stay. There is another category of nurses who are normally given a stipend to pay own accommodation. Whatever the category, the landlord is assured of a consistent income as long as the contract is on. Another advantage of renting to travel nurses is that they are a known category of workers and therefore not much background checks are needed. It even works better when dealing with an agency because it provides all the details on their nurses at the time of booking.
How to prepare your property for traveling nurses rental
Traveling nurses by their nature of work are attracted to clean environments. They will mostly look for apartments with well-maintained furniture and a generally clean environment. Their long term stay might also demand that there be ample space to relax outside the house or a balcony when not on duty. Nurses are known to travel in groups and in most cases two or three. Others will prefer traveling with a helper or a friend which means they will mostly be interested in a two bedroom apartment. There are rare cases where a nurse will want a single room. The other consideration is safety. A large number of nurses are women and they will prefer living in a place where they don’t need to worry about security. Besides, they also work late coming and leaving home in odd hours of the night and they need to feel secure.
How to source for travel nursing tenants
The rising demand for travel nursing and the increasing competition for them in the short term rentals market presents challenges in attracting regular business. However, landlords and home owners have one advantage in that they know where to find the clients. Working with traveling nurses agencies and hospitals is the best approach to identify potential clients. Landlords should form a relationship with these partners to secure business from nurses working through them. Unique branding can also give an edge by offering targeted packages that will attract the specific niche. This may include special offers, discounts and other freebies like wifi or laundry services.