Travelling nurses & MTR

[Mitch Davidson]

I launched an MTR in Asheville, NC in mid-2018. The home is a 1-bedroom and is about 10 minutes away from both downtown and the largest hospital in western NC (i.e., Mission Hospital). MTR was hardly a concept back then, so it was a bit of an experiment. I guessed that most of my applicants and tenants would be traveling nurses, perhaps because I have several nurses in my family. That hasn’t proven to be the case though, even after Mission started hiring travel nurses in droves due to labor disputes. I have had a travel nurse tenant, as well as a travel psychologist, but most of my applicants have not been traveling medical. And my most qualified applicants, meaning most qualified regarding things like income and credit, have typically been digital nomads, recent divorcees, and people relocating to the area. Travel nurses often don’t make as much as it might seem. Meaning, my rent might eat up 50% or so of their net pay, but by comparison might eat up only 20% of the net pay of some other applicant, so there’s an increased risk of the tenancy not lasting long or going so well. Also, traveling nurse contracts are often short, resulting in more frequent turns if you cater to them. I’ve averaged 6 months for my tenants by requiring a 90-day minimum, with month-to-month thereafter. A 90-day minimum, or even a 60-day minimum, won’t work for most travel nurses. And, as others have pointed out in the forums, the need for travel nurses fluctuates wildly, and is hardly stable. So here’s my conclusion. I wouldn’t be comfortable investing in an MTR that’s going to be heavily dependent on travel nurses. If the local market doesn’t have a big lifestyle appeal, resulting in a steady flow of nomads and relocations, I wouldn’t recommend setting up an MTR.