Whether you are a travel nurse yourself or someone looking to make a little extra cash, becoming a travel nurse landlord is a great avenue to explore. You can start as small as renting a room in your home, and grow to investing in entire properties or even multi-family buildings.
The beauty of being a travel nurse landlord is there is a robust market in most cities that will keep your unit full, and you know you are renting to professionals who are consistently being background checked. For a full breakdown of the rental market in your city, be sure to check out the Furnished Finder Travel Nurse Housing Stats page.
Here are a few key things to note about being a travel nurse landlord:
Furnished with the basics-
Travel nurses expect their units to be furnished with the basics, including linens and kitchen supplies. Most travel nurses take only what will fit in their personal vehicle, so that doesn’t leave space for small appliances, full bedding sets, or dishes and utensils. If you plan to rent to travel nurses, be prepared to furnish your space and provide the basics you would need for a three-month stay.
Plan for 13 weeks at a time-
A typical contract lasts 13 weeks, but extensions can happen for up to a year. As a travel nurse landlord, plan for tenants to stay about three months at a time. If they enjoy the area and their position, they may be offered to extend. Per tax laws, they can stay in one area for up to twelve months before they are considered a “permanent” resident. This means you could need to find a new renter every three months, or you could be lucky and keep them for a longer amount of time.
Have a pet policy-
Around 50% of travel nurses bring pets. While many people who don’t work as travel nurses would assume it is too difficult to bring a cat or dog, many travelers find it comforting to travel with their pet. Be prepared with a pet policy that you feel comfortable with, and if you choose to rent to pet owners, consider asking for a pet deposit.
The turnaround is fast.
With traditional rentals, you often get a sixty-day notice before moving out and have a decent bit of time to find a new tenant. With travel nurse tenants, sometimes jobs open and close within twenty-four hours, and a nurse may need a place to stay within a week or two. This is sometimes hard for newer landlords to understand. Just be patient and do not panic if your rental doesn’t fill as soon as your tenant gives notice–there is always plenty of time left in the travel nurse world!
Expect more for short term rental-
You can charge at least 20% more per month for a short term rental. Even if you spend $3000 furnishing the space to get started, you can expect to make anywhere from $300-500 more per month than you would on a traditional rental. Short term rentals can really pay off over time and offer a great option for landlords who want a little more bang for their buck.
If the concept of providing a home for travel nurses sounds appealing to you, we highly recommend you check out the new E-Book that we recently released over at Furnished Finder. This resource is a step-by-step guide on what you need to know to become a travel nurse landlord, including tips on making your rental successful long term.
And, if you are a travel nurse paying on a mortgage at home, this E-Book is a great resource on how you can take advantage of renting to other travelers and cut down on some of your out of pocket expenses.
Being a travel nurse landlord really is like being a landlord on easy mode–you get professional, reliable renters, you pocket more money each month, and you have a steady stream of nurses needing a safe, reliable place to stay.