Wondering what makes travel nurses truly ideal tenants?
1. A Steady Supply of Reliable Income
Travel nurses are dedicated, experienced healthcare professionals who travel from one location to the next to take on work at different hospitals across the country. They need safe, comfortable housing, while they work their 13-week assignments (or “rotations“). There are many, many nurses “in circulation”, nationwide, with thousands of open travel nurse positions in cities like Houston, Dallas, and Baltimore. So if you have a rental property that works for them that’s close to medical facilities, you’re extremely well positioned to tap into a steady stream of repeat business – all from the same type of tenant. Want to see how many open travel nurse positions there are? Check out Bluepipes for listings across the country – click here
2. They’re Qualified to Pay the Rent – and More
In return for their flexibility and time away from home, travel nurses receive higher rates of pay. They also receive housing stipends, or they are given access to company sponsored housing. If they’re paying for their own housing, a housing stipend may be considered tax-free income, so it makes more financial sense to find their own accommodations. They also have more control over their living arrangements, if they are using the housing stipend, versus taking company housing. Find out more about how travel nurse stipends work – click here.
3. No Need to Evict – or Wonder When They’ll Leave
Another thing that makes travel nurses excellent tenant prospect is that they will (generally) not end up overstaying their welcome. They pay the rent during the time they’re in a property, and at the end of their rotation, they move on to the next rotation, or they go home. You don’t run the risk of them deciding they like the place, so they’re going to stay indefinitely – and not pay rent. In fact, a lot of them just want to go home, at the end of their 13 weeks, so you can plan for any maintenance activities during the turnover time. Of course, sometimes their assignments may change, and they may need to leave earlier than expected, or they may need to extend their stay, but because you’re in control in a travel nurse rental situation, you can adapt.
4. Less Wear and Tear On Your Property
Travel nurses also are less inclined to trash your property. Their jobs entail the kind of attention to detail and cleanliness that works in your favor as a landlord. Plus, it’s in their best interest to have a clean, safe, comfortable place to stay when they get home from their long shift. Working 12 hours at a time doesn’t leave a lot of energy for wild parties, anyway. The nature of their work, their profession, and their personalities, helps to safeguard your property.
Also, knowing when they’ll be moving on can be a a huge help with scheduling and completing maintenance on your property. You can coordinate with your handyman or facilities staff to regularly inspect and repair minor issues every 13 weeks. Your crew can get in between tenants, inspect the appliances and utilities, patch things up, and be ready for the next in record time. And since you can inspect and repair every 3-6 months, big problems don’t have a chance to become big. You can head them off at the pass.
5. A Better Way to Cash-Flow
We’ve spoken with other landlords who rent to travel nurses, and in some metropolitan areas, renting to travel nurses is the only way they can be sure that properties will cash flow. In fact, sometimes it seems like this is a well-kept secret that they don’t want others to know about, because they don’t want the competition. The good news is, there are more than enough travel nurses to serve with quality, safe, comfortable housing. There’s steady demand, and it’s not going away anytime soon. With travel nurses, you get the best of both worlds – reliability of long-term-type tenants, as well as higher market rates from short-term leases… without the aggravation of overdue repairs that cost big bucks, or the risk of short-term guests who trash your place.
Want to learn more in detail? You can find more training to get you started here. We look forward to helping you take advantage of this great investment opportunity – a win-win-win, all across the board!