Traveling Nurse housing?

Question

Has anyone in Indy rented to traveling nurses? I am exploring a few options for the other half of my house-hacked duplex which is walking distance from one hospital and pretty close to the downtown hospitals as well. Specifically I am wondering if you can charge slightly more than market rate or if it is about the same.

Thanks in advance!

-Ana

Thanks in advance!

-Ana

SaraEllen Hutchison · Answer

Hi All, I am looking at renting to healthcare professionals who need to self-isolate during COVID-19 or just are regular traveling nurses.

I put my Airbnb unit up on Furnishedfinder.com and hope that works. I may furnish my other vacant unit and make that one available too.

Calls for my (as of now) unfurnished vacant unit have slowed way down ever since the stay-home order (except from people who would not pass the credit check).

Has anyone here tried targeted Facebook advertising to traveling nurses?

And to step back for a minute and make sure I'm in reality....are there more people wanting to rent to traveling nurses than there are traveling nurses who want units to rent?

Arlen Chou · Answer

@Ana Lesmez I master lease to somebody that does exactly what you are considering. I am not sure about your area, but in my market the rents that the traveling nurses are paying are SUBSTANTIALLY higher then market. Keep in mind that you are renting out a furnished rental vs. a standard rental. They also appreciate the convenience of not having to deal with utilities and internet set up etc.

Like I said, I don't do this directly. However, from what I have been told by my master lease tenant, it looks like once you are in the loop, you will have almost no vacancies.

Good luck to you!

Like I said, I don't do this directly. However, from what I have been told by my master lease tenant, it looks like once you are in the loop, you will have almost no vacancies.

Good luck to you!

Marc Littmann · Answer

HI Ana,

I am doing some research on getting into the 30-90 day travel nurse marketplace and have found some good resources. I will be purchasing a rental expressly for this purpose in the Boulder-Denver area here in Colorado. Seems like a good way to balance short term rentals with the ability to move into a 30+ day rental as seasons or local laws require.

Regarding what rates you can charge, I have no direct experience, but am going by only research into the experiences of others. Seems like many nurses work with a housing stipend and choose their own housing, oftentimes on a budget. So not sure if there is room for going above your local market rate for travel nurse renters.

Some good links here that I am reading tonight:

Additionally, I have been reading through these resources for more on travel nurse rentals:

http://www.thegypsynurse.com/blog/travel-nurse-housing-5-tips-finding-short-term-furnished-housing/

https://www.fusionmedstaff.com/traveler/

TravelNurse Facebook group:https://www.facebook.com/groups/travelnursehousing/about/ FurnishedFinder, a site for travelers and housing owners to connect on property listing to rent for their 13 week rotations:https://www.furnishedfinder.com/blog/.Hope this helps!Marc LIttmann

https://www.facebook.com/groups/travelnursehousing/about/

FurnishedFinder, a site for travelers and housing owners to connect on property listing to rent for their 13 week rotations:https://www.furnishedfinder.com/blog/.Hope this helps!Marc LIttmann

https://www.furnishedfinder.com/blog/.

Hope this helps!

Marc LIttmann

Jessica Jones · Answer

@Matthew Forrest

Yes, I think normally we could rent our space for $1300 but we charge $1600. However, based on the demand for our unit (and the fact that nurses are basically telling us that our prices are really low) we may raise the price. Most units near us charge up to $1800-2200, and ours is 100% brand new with a washer and dryer in-unit. Regarding utilities expenses, I've tracked that and it doesn't raise them THAT MUCH. We share the same size trash/recycling. The water went up by maybe 15%. PGE went up by ~25% in the winter/fall, not much in the summer/spring.

Nurses like privacy (private entrance), quiet, utilities included (inc internet) and blackout curtains because most of them work the night shift. Check out the furnish finder Facebook group, they should have more info there on what they are looking for!

Good luck!

Heather Wilkerson · Answer

@Jessica Jones - that is great! I have a client in SF who is having phenomenal success renting a condo near Mission Bay to traveling nurses as well. Such a good strategy, especially because you are not classified as a “short-term” rental if the term is 30+ days. I’m curious — are your occupants working in Richmond or commuting to the City?

Jessica Jones · Answer

We rent our ADU to traveling nurses and it's been GREAT! We are in the bay area on the outskirts (in Richmond) and our place is in high demand. Can't speak for other areas but we are able to command more than market rent for a basement studio with all utilities included. I'd imagine you are able to charge 40% more than market, especially since utilities are included and the place is fully furnished. PM me if you have any additional questions. We posted our place in the Facebook groups listed above and also on the furnish finder website. Even though it is occupied until April, we get emails about it on a weekly basis.

cc @Cheryl Vargas

Marc Littmann · Answer

Hi Cheryl,

I never actually pursued the nurse rental market, as the 2BR place I was considering for this fell through.

Good luck with that market segment. I think it can be a good one for the right scenario. I also liked the idea of having medium term nurse rentals as a fallback for an airbnb strategy, should local laws or hoa rules eliminate short term rentals as an option.

Kamila Flores · Answer

You may want to check out Al Williamson--he's on Bigger Pockets.  I'm not doing short term rentals but heard him speak at the Bay Area Summit a few months ago and he is a wealth of information on this topic.

Kyle Bryant · Answer

For travel nursing in Indianapolis idk how big the demand is.  My wife is a RN in the city and even right now with the COVID-19 pandemic, nurses for IU health are struggling to get all their hours. My wife says states that nurses are union have a bigger travel nurse demand.

Michael K Gallagher · Answer

@SaraEllen Hutchison any bites or update on your furnish finder?  my current rental is very close to a hospital so just curious about rental rates etc are in that realm and how the splits/fees work with furnish finder?

Traveling Nurse housing?

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