Traveling Nurse Rentals

[Jonathan C.]

Hi BP,

I did a general search in the forums for traveling nurse rentals, but want to get feedback from the SJ area.

I have a SFH and was thinking about renting some of the rooms to traveling nurses. Does anyone have experience with these kinds of rentals? Would appreciate any kind of feedback with how to get started, things to consider, and any other tips. Thanks!

[Jonathan Moomey]

I don't have any helpful hints from the investing perspective, but I can give personal feedback as an RN that traveled for nearly 7 years all across the country. This would be a HUGE benefit to traveling RN's. It never failed that the hardest thing with any new assignment was housing. Period. At a minimum, you are at a new facility for 12 weeks. More realistically, 6-9 months. However, it is nearly impossible to find anyone willing to do lease terms that short. Think about it from investing, however. You know this tenant is going to have guaranteed income (and a lot of it), and I would argue that the vast majority are responsible and less likely to trash the place, as they are in a new area without the social connections to be throwing large parties at "their own" place.

So to recap, guaranteed income, responsible tenants, and you can charge a premium (as short lease convenience, similar to the way they do month-to-month renters). Only potential drawback would be with shorter lease cycles, potentially higher vacancy rates/times. However, you market and time correctly, I don't see this being an issue.

Market to: nurse staffing agencies specifically (as they often have to relay nurses to long term hotels for housing due to lack of options), hospitals in the area (hang info on staff break room boards), and RN travel websites.

As mentioned, I traveled for nearly eight years as a nurse. I also owned and operated a nurse traveling agency. I have seen the struggle for quality housing from both perspectives and genuinely believe someone could niche this market in appropriate sectors. Would be more than happy to help further if anyone became interested.