As a property owner or landlord, finding ways to maximize your rental income is always top of mind. One increasingly popular and profitable option is renting to traveling nurses. Traveling nurses are healthcare professionals who take short-term assignments in different locations to help fill staffing gaps at hospitals and medical facilities. These assignments often last anywhere from a few weeks to several months, making them ideal tenants for short-term leases. But how can renting to traveling nurses benefit you, and how much can you make renting to nurses?
What Are Traveling Nurses?
Traveling nurses are medical professionals, typically registered nurses (RNs) or other healthcare providers, who travel from one location to another to fill temporary job openings. These professionals are in high demand due to ongoing staff shortages in healthcare facilities, particularly in areas that are underserved or experiencing high patient volumes.
The assignments usually last between 8 to 13 weeks, but they can be extended if necessary. Traveling nurses often work in hospitals, clinics, and long-term care facilities. The nature of their job means they require temporary housing that is close to their workplace. This is where property owners can step in and offer short-term rental opportunities.
Why Renting to Traveling Nurses Can Be Profitable
Renting to traveling nurses offers several advantages that can boost your rental income. Below are some of the primary reasons why this arrangement is lucrative for landlords:
- Higher Rent for Short-Term Leases
Typically, short-term leases offer higher monthly rents than long-term rentals. While renting to traveling nurses may involve some extra work in terms of managing shorter-term tenants, the increased rental income can be well worth it. Nurses often receive a housing stipend from their employers or agencies, meaning they are generally able to afford a higher rent. - Reduced Vacancy Periods
When your rental property is vacant, you’re not making any income. However, renting to traveling nurses can significantly reduce these periods, especially if you advertise your property in areas with hospitals or clinics. Because traveling nurses have specific housing needs, your property may be an attractive option, resulting in quicker leasing. - Stable and Reliable Tenants
Nurses are typically well-compensated professionals with steady jobs, making them reliable tenants. They often have a good reputation in terms of taking care of the properties they rent and paying their rent on time. Additionally, since their assignments are temporary, you can count on them to respect the terms of the lease and take good care of your property. - Flexibility and Minimal Risk
Renting to traveling nurses offers a higher degree of flexibility for property owners. Short-term leases give you more control over the rental terms and allow you to adjust your pricing as needed. If you find that renting to traveling nurses is highly profitable, you can continue doing so. If not, you can easily transition back to long-term tenants once the lease ends.
How Much Can You Make Renting to Nurses?
One of the most common questions property owners have when considering renting to traveling nurses is: how much can you make renting to nurses? The amount you can earn depends on a variety of factors, including your location, the condition of your property, and the duration of the lease. However, on average, landlords can earn anywhere from 20% to 30% more in rent compared to traditional long-term leases.
In high-demand areas, especially near major hospitals or healthcare centers, rents for short-term leases may be significantly higher. For example, if your property normally rents for $1,200 per month on a long-term lease, you may be able to charge $1,500 or more for a short-term rental to traveling nurses. This price boost can result in a substantial increase in your overall rental income.
How to Attract Traveling Nurses as Tenants
If you’re ready to rent to traveling nurses, here are some steps you can take to attract them:
- Advertise Your Property on Nurse-Specific Platforms
Websites and platforms like Furnished Finder, Travel Nurse Housing, and Airbnb are popular among traveling nurses searching for short-term housing. Make sure your property is listed on these sites to increase your visibility. Include detailed descriptions and high-quality photos of your property to make it stand out. - Offer Fully Furnished Units
Many traveling nurses prefer fully furnished units as they don’t want to deal with the hassle of moving their furniture or belongings. Offering a fully furnished rental with all the essentials—such as a bed, sofa, kitchen appliances, and Wi-Fi—can make your property much more attractive to traveling nurses. - Provide Flexible Lease Terms
Traveling nurses often need flexibility in their leases to accommodate varying assignment lengths. Offering flexible lease terms (such as 1-3 month rentals) is essential for attracting nurses who may not want to commit to a full year-long lease. Ensure your lease agreement is clear, with flexible renewal options. - Ensure Easy Access to Medical Facilities
Proximity to hospitals, clinics, or medical centers is a key factor for traveling nurses. They will appreciate a property that is within walking distance or a short drive from their place of work. Highlight the convenience of your location in your listings and marketing materials. - Maintain a Clean and Safe Property
Traveling nurses often lead busy, demanding lives. They need a clean, comfortable, and safe place to relax after long shifts. Ensuring your property is well-maintained and equipped with all necessary amenities will improve your chances of attracting tenants. Small touches like fresh linens, clean bathrooms, and a well-stocked kitchen can go a long way in making your rental stand out.
Potential Challenges and How to Overcome Them
While renting to traveling nurses has many benefits, there are some challenges that property owners may face. Here’s how to overcome them:
- Frequent Turnover
Short-term rentals mean more turnover, which can lead to more work in terms of cleaning and preparing the property for new tenants. However, you can address this by hiring a professional cleaning service to handle the turnover efficiently. - Higher Maintenance Costs
Since nurses typically stay in your property for a shorter period, they may not always take as much care of your property as long-term tenants would. To reduce the impact, consider including a security deposit and setting clear expectations for property care. - Inconsistent Demand
The demand for housing from traveling nurses can fluctuate based on the time of year, current healthcare trends, and local staffing needs. To mitigate this, try diversifying your rental offerings by renting to other short-term tenants or travelers when demand from nurses slows down.
Conclusion
Renting to traveling nurses is a fantastic way to boost your rental income through short-term leases. With the potential for higher rent, fewer vacancy periods, and reliable tenants, property owners have much to gain from renting to traveling nurses. If you live in an area with a high demand for healthcare professionals, you may find that the financial rewards of renting to traveling nurses are significant. By offering flexible lease terms, fully furnished properties, and proximity to medical facilities, you can create a rental situation that benefits both you and the nurse tenant.
So, if you’re considering new ways to make your rental property more profitable, renting to traveling nurses might just be the solution. You may find that renting to nurses provides a steady, lucrative income stream, especially if you know how to market your property effectively. How much can you make renting to nurses? The answer depends on your location, property type, and rental strategy, but with the right approach, you could see an impressive increase in your rental income.