The number of travel nurses in the healthcare industry are growing. These nurses travel from one place to another to work in different healthcare facilities for short-term assignments.

With the increasing demand for travel nurses, many property owners are considering renting their properties to these professionals.

Renting properties to travel nurses can be a great way to earn a steady income stream. However, there are also some potential drawbacks to consider. In this article, we will take a look at the advantages and disadvantages of renting properties to travel nurses.

Advantages

Steady Stream of Income

As mentioned, one of the biggest advantages of renting properties to travel nurses is the income potential. Travel nurses typically work for short-term assignments of 13 weeks. This means that landlords can expect a new tenant every three months if new nurses come in.

This provides a consistent source of income, which can be particularly appealing to those who own rental properties.

Higher Rent Rates

Travel nurses are often willing to pay higher rent rates than traditional tenants, as they are often on tight schedules and need to find a rental property quickly.

Rental prices are also higher for furnished units and short-term lease. It’s also easier to increase rental fees especially on busy months.

Flexible Renting Options

Another advantage of renting properties to travel nurses is the flexibility of renting options. Travel nurses are often looking for short-term rentals, so property owners can choose to rent their properties on a month-to-month basis. This gives landlords the option to adjust their rental rates based on market demand, which can be a great way to maximize their income.

The landlord also doesn’t have to wait for a long time for the lease to end if they decide to stop renting, sell the property, or make upgrades.

Low Maintenance Costs

Travel nurses are often responsible for their own utilities, which can help to minimize maintenance costs for property owners.

Additionally, travel nurses are typically only in a rental property for a short period of time, meaning that wear and tear on the property is often minimal.

Professional Tenants

Travel nurses are often highly-skilled and highly-educated professionals, meaning that they are typically responsible and reliable tenants. They are also often experienced in living in rental properties, so they are familiar with the responsibilities that come with being a tenant.

Disadvantages

High Turnover

One of the biggest disadvantages of renting properties to travel nurses is the high turnover rate. Travel nurses are constantly moving from one location to another for their assignments, meaning that landlords must be prepared for the possibility of frequent vacancies.

Short-Term Rentals

Another potential drawback of renting properties to travel nurses is the fact that these professionals are often only looking for short-term rentals. This means that landlords must be prepared to constantly market their properties and find new tenants every few months.

There are ways to fill in vacancies faster these days, though. Listing platforms like Padleads allow you to syndicate your listing to high-traffic websites. With more potential renters seeing it, the easier you can receive rental applications. Just make sure the rental agent performs a thorough screening process for each candidate.

Positive feedback can also go a long way. If travel nurses have a great experience in your property, they would surely recommend it to their colleagues.

Responsiveness and Communication

Travel nurses are often working long hours, which can make it difficult for them to communicate with landlords in a timely manner.

Additionally, they may not be able to respond to maintenance requests as quickly as traditional tenants, which can lead to frustration for landlords.

How to Make Your Rental Appealing to Travel Nurses

In order to provide the most appealing options for travel nurses and their agencies, it’s important to understand what they are searching for in short-term rental properties.

By catering to their needs and expectations, you can offer an attractive alternative to hotels and traditional long-term leasing options. Your objective is to provide a unique solution that cannot be found through other accommodations.

Here are a few things you could offer:

• Flexible stay length
• Easy and straightforward terms of cancellation
• Complete furniture and appliance
• Reasonable cost
• Rent rate inclusive of utilities

Property owners must weigh the advantages and disadvantages before deciding to rent their properties to travel nurses. Property owners must carefully consider their own needs and goals before making a decision.