When thinking about your dream tenant, have you ever considered a travel nurse? Many traveling healthcare professionals need short-term accommodations for their ever-changing job placements. So, if you own rental properties, you may consider marketing and advertising to travel nurses or other healthcare professionals. If this interests you, read along as we review some of the pros and cons and a few tips for renting to travel nurses.
Contents of This Article:
- Should You Rent to Travel Nurses?
- Pros and Cons of Renting to Travel Nurses
- Tips for Renting to Traveling Nurses
- What Do Travel Nurses Look for in a Rental?
- Find the Right Management Solution for You
Should You Rent to Travel Nurses?
Travel nurses can be a good group of people to market to if you own rental properties near hospitals or healthcare facilities. Travel nurses often seek short-term housing, creating a consistent demand for rental properties. Additionally, travel nurses generally have stable and reliable incomes, which can assure landlords that rent will be paid on time.
However, it’s important to understand that travel nurses move frequently for new assignments, which can mean higher turnover rates. Without a reliable property management company in Northern Virginia, managing turnovers, maintenance, and marketing for short-term rental properties can be challenging.
Before deciding to rent to travel nurses, you’ll want to carefully asses your property, local market conditions, and your personal preferences as a landlord. Look at your property’s location, your tolerance for turnover, and the demand for short-term rentals in your area to help you decide whether or not it’s a profitable decision for you.
Next, we’ll go over some of the main pros and cons of renting to travel nurses.
Pros and Cons of Renting to Travel Nurses
Thinking about renting to travel nurses? While there are several benefits to short-term rental properties, it’s important to understand some of the disadvantages. Here are a few of the pros and cons to consider.
Benefits of Renting to Travel Nurses
- Short-Term Commitment- Travel nurses usually sign short-term leases, ranging from a few weeks to a few months. This gives property owners flexibility and allows them to adjust rental terms or rates according to market conditions.
- Low Maintenance- Travel nurses are generally responsible tenants. For instance, they’re less likely to demand extensive maintenance or repairs, reducing your workload and potential costs.
- Potential for Higher Rent- Due to the demand for short-term housing in the healthcare industry, landlords may be able to charge higher rent to travel nurses. Additionally, since you’re not bound to a 12-month lease, you can raise rent prices seasonally or charge more for fully-furnished units.
Disadvantages of Renting to Travel Nurses
- Frequent Turnover- Travel nurses often move to different locations for new jobs. In turn, this frequent turnover can result in more work for landlords. After all, you have to clean the unit, market it online, and find new tenants.
- Potential Gaps in Tenancy- Finding new tenants for short-term leases can lead to vacancy periods between tenants. Unfortunately, gaps in tenancy can result in less income during those periods and more administrative work for landlords.
- Higher Running Costs- While travel nurses might take care of their accommodations well, frequent turnover can lead to higher running costs. Cleaning and preparing the property for new tenants can increase operational expenses for property owners.
Tips for Renting to Travel Nurses
Renting to travel nurses can be an excellent way to keep your rentals occupied with reliable tenants. However, you must know how to attract this niche group of individuals. Here are a few tips for marketing and renting to travel nurses.
- Market to Your Target Audience
- Pre-Screen Applicants
- Provide Photos and Detailed Descriptions
- Create Leases to Protect Both Parties
- Clean and Maintain the Unit
Market to Your Target Audience
When marketing your rental, you’ll want to consider who you’re targeting–travel nurses. So, tailor your listings to highlight features that would appeal to them. Emphasize the property’s proximity to healthcare facilities and amenities that cater to a temporary stay. Additionally, it helps to utilize platforms and websites where travel nurses typically search for short-term housing.
Pre-Screen Applicants
Implement a thorough pre-screening process for potential tenants. Since travel nurses have specific housing needs, ensure they understand the terms of short-term leases and are willing to comply. Additionally, verify their employment status, the duration of their assignment, and ability to meet rental payments. This helps in selecting reliable tenants who align with the property’s short-term lease terms.
Provide Photos and Detailed Descriptions
Create an appealing online listing with high-quality photos showcasing the property’s key features. Additionally, provide a detailed description highlighting the amenities, furnishings, and unique aspects that would make the property attractive to travel nurses. Remember, transparency is key here, as many travel nurses won’t actually see the property until they get there for their stay. So, be accurate with your listing and set clear expectations for potential tenants.
Create Leases to Protect Both Parties
Draft leases specifically tailored for short-term rentals. You’ll want to clearly outline the terms and conditions, including the duration, rental amount, security deposit, and other relevant details. Ensure both parties understand and agree to the terms and consider additional clauses that include details for early termination or extensions. After all, travel nurses often need accommodations for short periods of time.
Clean and Maintain the Unit
Before and after each tenant, it’s crucial to thoroughly clean and maintain the unit. After all, first impressions matter and a well-maintained property contributes to a positive experience for travel nurses. Additionally, you don’t want to skip out on regular maintenance checks or neglect any repair requests. Ensuring all appliances and utilities are in working order can enhance tenant satisfaction.
What Do Travel Nurses Look for in a Rental?
Understanding what travel nurses look for in short-term housing can make your rental more attractive. So, here are a few things to consider if you’re looking to target traveling nurses.
- Proximity to Work- Travel nurses want to find rentals that are close to their workplace. Proximity to hospitals or clinics can be more convenient for commuting to and from work. So, properties within a reasonable distance of healthcare facilities are highly appealing.
- Pet-Friendly Policies- Many travel nurses travel with their pets. So, rentals that have pet-friendly policies are attractive to this demographic. Including pet policies with clear rules and pet fees can make it a win-win for both parties.
- Utilities Included- Since travel nurses only stay for a few weeks to a few months at a time, they often look for rentals with utilities included. After all, inclusive utilities simplify their budgeting needs and eliminate the need to set up separate utility accounts.
- Fully-Furnished- Providing furnishings in your short-term rental can make it more attractive to travel nurses. If they already have everything they need at the rental, it reduces what they need to pack and makes for a smoother transition.
- Washer and Dryer- In-unit laundry facilities are important amenities for travel nurses. After all, nobody wants to lug their laundry to a laundromat–especially after a long day of work.
- Safety and Security- Safety is a top priority for travel nurses, especially if they’re new to the area. Most will look for properties with secure access, well-lit common areas, and alarm systems.
Find the Right Management Solution For You
If you’re considering renting to travel nurses, knowing what they look for in short-term rental properties is important. Knowing how to market to this specific audience and create fair lease terms for both parties is crucial in finding and keeping good tenants. Part of this process includes professional management skills, whether you self-manage your properties or hire a professional management team.
Need More Advice? contact us today!
Bay Property Management Group offers comprehensive rental management services for landlords throughout Baltimore, Philadelphia, Northern Virginia, and Washington, DC. So, if you need help marketing rentals, screening applicants, or performing maintenance, we can help! Contact BMG today to learn more about how we can help your rental business succeed.
