Introduction
Traveling nurses are a growing population of healthcare professionals who move from city to city and state to state in order to fill staffing gaps in hospitals and other healthcare facilities. As a result, they often require short-term housing solutions while they’re on assignment. Renting to traveling nurses can be an excellent way to bring in additional income for landlords. In this article, we’ll explore how much money you can make by renting to traveling nurses, including interviews with rental property owners, a case study of a successful landlord, estimated rental income, advantages of renting to traveling nurses, types of housing sought by traveling nurses, and legal and insurance considerations.
Interviews with Rental Property Owners
To gain insight into the potential of renting to traveling nurses, we spoke with several rental property owners who have had success with this model. First, we identified rental property owners who were doing well by renting to traveling nurses. Then, we examined their experiences and asked them to share some of their insights into the industry.
Case Study of a Successful Rental Property Owner
We also conducted a case study of a rental property owner who has had success renting to traveling nurses. This property owner purchased two single family homes in a college town in Ohio and began renting them out to traveling nurses. He was able to secure long-term tenants at higher than market rates and was able to generate a steady stream of income. Here are some of the key learnings from his story:
- Location is key – The property owner chose to purchase properties in a college town because it had a large population of medical students and a high demand for short-term rentals.
- Flexibility is important – Traveling nurses are looking for flexible rental arrangements, so the property owner offered month-to-month leases that could be renewed or terminated at any time.
- Rates should be competitive – The property owner set his rental rates at slightly higher than market rate in order to capitalize on the high demand for short-term rentals.
Estimating Potential Rental Income
When estimating potential rental income from renting to traveling nurses, it’s important to consider local market data. To get an idea of how much you can charge for rent, look at the average rents in your area, the type of housing desired by traveling nurses, and the amenities they are looking for. In addition, researching the rental rates charged by other rental property owners in your area can give you an idea of what you can charge for rent.
Advantages of Renting to Traveling Nurses
Renting to traveling nurses can be a great way to generate additional income for rental property owners. One of the main benefits is that most traveling nurses are looking for long-term rentals, which can provide landlords with a steady stream of income over a period of months. Additionally, renting to traveling nurses can be financially beneficial since they are often willing to pay above-market rates for short-term rentals.
Types of Housing Sought by Traveling Nurses
When selecting properties to rent to traveling nurses, it’s important to keep in mind the types of housing they are looking for. According to a survey by the American Association of Traveling Nurses (AATN), the top three factors that traveling nurses consider when selecting housing are location, affordability, and amenities. Location is especially important, as traveling nurses often prefer to be close to their workplace and other amenities such as restaurants and entertainment.
Legal and Insurance Considerations
Before renting to traveling nurses, it’s important to understand the relevant laws and regulations in your area. Additionally, it’s important to investigate insurance policies to ensure that your property is adequately protected. Most rental property owners will need to obtain a special license in order to rent to traveling nurses, as well as a liability insurance policy to cover any potential damages.
Conclusion
Renting to traveling nurses can be a great way to generate additional income for rental property owners. By understanding the needs of traveling nurses and taking into account local market data, rental property owners can set competitive rental rates that will attract long-term tenants. Additionally, it’s important to consider legal and insurance considerations before renting to traveling nurses. With the right approach, rental property owners can benefit from the growing demand for short-term housing solutions.
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