Short-term leases allow you to make passive income without the commitment of dealing with a tenant for up to a year, especially if you’re dealing with an unruly or untrustworthy renter. Fortunately, when you rent to a travel nurse, you can get the best of both worlds—a short-term lease with an excellent tenant. If you’re interested, read on to learn what you, as a property owner, need to know about renting to travel nurses.
The Pros of Renting to Travel Nurses
Because you’re renting to someone who’s in the area for work, they more than likely have a steady job and a reliable stream of income. Additionally, nurses have to go through rigorous background checks in order to work as a nurse, so a good chunk of the screening process is already done for you. They’re perfect for property owners looking for short leases who also have an already furnished unit, such as a guest room. Although renting out a spare room does come with some inherent risks, it’s an easy way to keep track of your rental.
One of the main things you need to know about renting to travel nurses is that they may want a property to themselves, while others are more than willing to house with roommates! For those who are OK with roommates, you can potentially make double the income out of the same unit. A quality, furnished unit is hard to come by, and if you play your cards right, you can make a decent profit.
The Cons of Renting to Travel Nurses
The demand for nurses can fluctuate throughout the year for reasons that can be difficult for you to predict, so you have to be flexible and look for other tenants. Additionally, there is always the risk that their employer could cancel their contract. Overall, you’ll likely face a higher vacancy rate than you would with regular tenants. Because of this, you’ll also have to maintain the property more often to ensure it’s in decent shape for the next tenant.
What Travel Nurses Look for in a Rental Property
Travel nurses don’t want to haul all their belongings across the country or use up their housing stipend on expensive hotels, so they often look for furnished units. It’s also important to note that nurses travel with pets, so making your rental animal friendly can expand your audience. Alongside cable, Wi-Fi, and other utilities, travel nurses particularly enjoy having an onsite washer and dryer that allows them to clean their scrubs. Most importantly, a travel nurse will want to be as close to their work site (or a reliable form of public transportation) as possible.
