If you own or manage furnished rental property, there’s a huge potential market for you to consider—traveling nurses. About 30,000 travel nurses need temporary furnished housing at any given time.
Traveling nurses are regular nurses, but they travel to fulfill their 13-week contracts. And this happens all across America. About 400 medical staffing companies compete to place travel nurses in jobs. As you can imagine, this is a pretty big industry—about a $4 billion one.
Since traveling nurses need furnished housing during their assignments, they make up a big pool of potential tenants. If you have a furnished rental, or are considering getting one, you may want to think about catering to traveling nurses.
Why travel nurses make great tenants
Whether you’re a landlord with multiple properties or are just renting out your back cottage, travel nurses could make great target tenants for you—they’re predictable and desirable. Travel nurses stay for about three months at a time. And for landlords who rent their space furnished, that’s a significant advantage over the three-night average a vacation rental might provide.
The 13-week assignment is the industry standard. Most of the time, travel nurses have the option to renew their contract for a subsequent term as well. In addition to their length of stay, many landlords like the fact that travel nurses receive background and drug screening before they’re hired. And travel nurses receive a stipend to cover their housing expenses while on assignment. Knowing this, most landlords enjoy renting their furnished units to travel nurses.
What travel nurses want in a rental
Travel nurses can travel alone, with roommates, with their families, and sometimes they may even bring their pets. They’ll stay in a spare room, back house, studio, apartment, condo, or a house. They’ll want wherever they stay to be furnished.
You should stock your rental with necessary housewares that will accommodate a traveling healthcare professional for three months at a time. Travel nurses choose properties that are clean, comfortable, and close to their assignments (a 15-30 minute drive is ideal). Rentals don’t have to be exclusive or high end; affordability is important to travel nurses.
How to find them
The medical staffing industry is a tenant-making machine. It produces highly-trained professional tenants over and over again. And with the influx of baby boomers flooding hospital beds across the United States, that won’t end anytime soon. So how can you start renting to travel nurses?
Contacting your local hospital will most likely be fruitless. By the time travel nurses arrive, they’ve probably already secured housing. Likewise, calling medical staffing companies will probably be too time-consuming. There are just too many of these companies. Landlords may also look to vacation rental booking sites to attract travel nurses but might be disappointed that they can’t screen the tenant the way they want to beforehand.
There are sites that specialize in just travel nurse housing. There you can list your property and connect with travel nurses directly, screen the nurses the way you want to, and sign them as tenants without commissions—in most cases.
It’s worth finding out why travel nurses make great tenants!