Rental Property Investor · Denver CO · Member since 2022 · 43 posts · 19 votes
Hello,
I am wondering if Broomfield/Westminster is a good area for traveling nurses? Since there are so many hospitals around, seems like there is at least 6 hospitals in proximity of 15-25 minutes of driving. Does anyone has experience in that area? Any suggestions are welcome
Realtor · Denver, CO · Member since 2019 · 40 posts · 41 votes
3y
@Roman Puzey - I think you're on the right track with hospital proximity and concentration, although another thing to consider is how much demand/how many contracts those hospitals have for travel nurses, so be sure to look at that as well. From my personal/network experience, those are pretty good areas, although you might have even better results with Wheat Ridge, Eastwater, and Arvada so check those out as well!
One additional reason I say that is be sure nurses aren't 100% of your MTR strategy - people got way too comfortable with the insane spike in travel nurses during Covid, but signs are pointing to that diminishing back to normal levels and now that MTRs are becoming so prevalent (especially targeting nurses) I expect an oversaturation of MTR supply for nurses in a lot of areas. So I personally would look for a multi-faceted MTR renter pool, i.e. be sure you're in an area and presenting your rental in such a way that you will attract other MTR demographics such as tradespeople, digital nomads, etc.
Wholeheartedly agree with @Nicole Heasley Beitenman as well, get out to meetups and see what everyone else is thinking/seeing, but at the same time be careful not to just "go with the herd" too much...reference my oversaturation comment above haha.
Realtor · Denver, CO · Member since 2019 · 40 posts · 41 votes
3y
@Roman Puzey - I think you're on the right track with hospital proximity and concentration, although another thing to consider is how much demand/how many contracts those hospitals have for travel nurses, so be sure to look at that as well. From my personal/network experience, those are pretty good areas, although you might have even better results with Wheat Ridge, Eastwater, and Arvada so check those out as well!
One additional reason I say that is be sure nurses aren't 100% of your MTR strategy - people got way too comfortable with the insane spike in travel nurses during Covid, but signs are pointing to that diminishing back to normal levels and now that MTRs are becoming so prevalent (especially targeting nurses) I expect an oversaturation of MTR supply for nurses in a lot of areas. So I personally would look for a multi-faceted MTR renter pool, i.e. be sure you're in an area and presenting your rental in such a way that you will attract other MTR demographics such as tradespeople, digital nomads, etc.
Wholeheartedly agree with @Nicole Heasley Beitenman as well, get out to meetups and see what everyone else is thinking/seeing, but at the same time be careful not to just "go with the herd" too much...reference my oversaturation comment above haha.
One additional reason I say that is be sure nurses aren't 100% of your MTR strategy - people got way too comfortable with the insane spike in travel nurses during Covid, but signs are pointing to that diminishing back to normal levels and now that MTRs are becoming so prevalent (especially targeting nurses) I expect an oversaturation of MTR supply for nurses in a lot of areas.
Great point. I'd start tracking MTR's in your area on AirBnB and Furnished Finder to get an idea of how long properties are sitting on the market before being rented. That should give you an idea of whether or not there's room for you in that area.