Amid the ongoing shortage of healthcare workers in the U.S., renting to traveling nurses can provide numerous benefits for both landlords and their tenants.
For those who don’t know, traveling nurses are healthcare professionals who move around the country (or internationally) to work at different facilities. They provide crucial services in areas that may lack local nurses. Since traveling nurses need temporary living arrangements during their assignments, landlords stand to benefit from marketing rental properties specifically for this niche.
Besides boosting bottom lines, renting to traveling nurses can also allow landlords greater flexibility in pricing and leases. However, this practice has its ups and downs. If you’re considering whether to rent to traveling nurses, you’ll have to weigh the good against the not-so-good to decide.
To that end, we at TurboTenant have compiled a guide covering everything you might need to know about this rental practice. Keep reading to learn about the pros and cons, tips to maximize your benefits, and other factors to consider when determining whether to rent to traveling nurses.
To help you weigh the two sides against one another, let’s explore some of the most noteworthy pros and cons of renting to travel nurses:
Leases for traveling nurses typically last less than a year. Most travel nurse contracts start at 13 weeks, though the range varies wildly — from 2 to 36 weeks. These time constraints afford landlords an unusually high degree of flexibility. You don’t have to rent out your unit for a typical 12-month period. Plus, you can use the property for other purposes during vacancies.
One of the key factors to consider is more rental pricing flexibility. Rather than locking your unit into a specific rent amount for the lease’s duration, you can adjust your asking price based on demand and changes to the local market.
In addition to nursing income, traveling nurses often receive stipends to cover housing costs while living away from home. These stipends translate to more reliable rent payments since travel nurses usually receive regular paychecks.
Some travel nurse agencies even pay nurses’ rent directly to the landlord, eliminating the hassle of rent collection. Since these organizations have a vested interest in guaranteeing nurses’ access to safe, reliable housing, you’re less likely to end up arguing with tenants over late or overdue rent payments.
While short-term rentals traditionally require frequent cleanings and near-constant supervision, renting to traveling nurses may lead to less work overall. Lease terms are slightly longer, so landlords won’t need to clean the property as often between new renters. As a result, landlords can more easily rent to travel nurses without being physically present nearby.
No matter what kind of rental property you run, landlords should always thoroughly screen prospective renters before signing a rental agreement. However, if you choose to rent to traveling nurses, you can expect a higher likelihood of trustworthy tenants. Nurses must undergo an extensive vetting process to obtain a nursing license, so much of the hard work has already been done for you.
To run a quick and reliable background check on potential renters, try TurboTenant’s free tenant screening software.
While you won’t go through new tenants as quickly as traditional short-term rentals, renting to traveling nurses still incurs a relatively high turnover rate as nurses’ contracts expire. Any costs associated with tenant turnover, such as cleanings, will likewise multiply. These more frequent needs could be a drawback for anyone who values the security of longer-term rentals.
Renting to traveling nurses is far from a guaranteed paycheck. Demand for rentals for traveling nurses can vary widely based on the time of year and the location of your property among others. So, while you might be booked up at certain times of year, you can’t rely on this demand to last forever.
If you’re considering renting to traveling nurses, do your research beforehand to find out whether your property is in a high-demand area and what times of year you’ll see the most interest. How much you can get for your rental will also vary, as nurses pay different amounts for rent.
Even with these factors in mind, nursing contracts may change at the last moment, leaving landlords in the lurch. Contract cancellations are common, and landlords will have to scramble to find a new tenant to fill the vacancy. If you choose to rent to travel nurses, you should always have a backup plan to ensure you don’t lose out on valuable rental income.
A few aspects of renting to traveling nurses differ from renting to typical tenants or vacation renters. Paying attention to these details will help make your rental stand out as traveling nurses decide where to stay during their assignments.
If you’re ready to rent to traveling nurses, we recommend keeping these tips in mind:
By now, you’re probably wondering how much money you can make by renting to travel nurses. The exact amount that traveling nurses pay for rent differs. You’ll have to consider the items we listed above, such as time of year, commute length, and proximity to other nearby amenities.
Properties in some locations can go for higher-than-market rates when renting to traveling nurses. On the other hand, some areas might be better suited to long-term rentals. Look up other units in your area and be prepared to price your place competitively. Often, this could be the determining factor as nurses decide where they’d like to stay.
Similar to vacation units, rentals for traveling nurses should be equipped with all the essentials. That means a high-speed Wi-Fi network and all necessary furniture, such as cooking utensils, bed linens, and more. Other preferences that are more specific to traveling nurse includes blackout curtains and soundproofing to improve sleep quality after a night shift.
If you’re used to renting to long-term tenants who bring their own items, dig into which features and furniture will catch traveling nurses’ interest.
While most landlords — short-term and long-term — prefer to rent out an entire unit, renting individual rooms can also be a great option. Many traveling nurses don’t need as much space as long-term tenants. Many are open to renting a bedroom while sharing certain living areas with roommates. Depending on your available rooms, this could prove even more lucrative than simply renting the unit.
A note on price: Requiring traveling nurses to share the unit may decrease the amount you can charge for rent. Be realistic about what renters will pay for. Small rooms without much privacy aren’t likely to draw in many tenants. To learn more, research how to rent rooms to traveling nurses.
No matter the type of tenancy, landlords should always charge a security deposit to cover any damages to the property or in the unlikely event of unpaid rent. Since lease agreements for traveling nurses are shorter, most landlords charge lower-than-normal security deposits. Some recommend asking for a third of monthly rent rather than the 1 or 2 months’ rent standard in longer-term lease agreements.
Asking for a too-high deposit may cause potential renters to ignore your property when searching for a place to stay.
Though you can and should utilize a lease agreement that covers the duration of a travel nurse’s stay at your rental property, these contracts may lack specific details. Since renting to traveling nurses requires you to provide certain amenities that might not be part of a typical long-term lease, you should have a clear set of guidelines for how you’d like tenants to behave.
While you don’t want to implement too many stringent rules, you should consider providing information on quiet hours for shared units, smoking policies, and more. Think of how Airbnb owners provide clear, detailed rules regarding how the property works and how guest should treat it during their stay.
While both vacation and long-term rentals often forbid pets, take time to decide whether you want to allow traveling nurses to bring their four-legged friends. Since pet-friendly rentals are relatively rare, especially within the niche world of travel nurse rentals, landlords who do permit pets have an edge over the competition.
If you decide to allow pets in your rental unit, make sure to have a clear pet policy that covers responsibility for cleaning and damages. You could also charge an additional pet deposit, which is typical for both vacation and long-term rentals.
As with all rental properties, you should always try to ensure tenants feel positive about their experience at the end of a tenancy. Traveling nurses who enjoy staying in your rental may want to return to your place in the future, leading to repeat customers. Plus, as the travel nursing community frequently connects online and in person, getting good reviews can lead to many more tenancies in the future.
Reach out to past renters to ask for referrals, and consider ways you can go above and beyond to earn those high ratings.
By now, you’ve probably gathered that renting to traveling nurses differs significantly from both typical long-term and short-term rentals. Ultimately, it will be up to you to find out how to rent to traveling nurses in your area and determine whether or not you want to give this practice a try.
A few final things to consider as you make up your mind. FIrst, you’ll need to know where to advertise your rental properties to connect with travel nurses.
Sites like Travel Nurse Housing, ShortTermHousing.com, and Furnished Finder will help you start marketing your properties specifically to traveling nurses since you can’t rely solely on traditional rental listing websites. You can also advertise your property on vacation rental sites like Vrbo and Airbnb, where traveling nurses seeking short-term rentals are more likely to look.
You’ll also need some flexibility as you set your lease terms. Whereas typical long-term leases are rigid, you’ll need more wiggle room in this area. It’s also worth noting that demand for traveling nurses has diminished slightly since the busy days of the COVID-19 pandemic. Try to prepare for any other unexpected shifts which might not come with the territory of typical long-term or even short-term rentals.
Finally, and perhaps most importantly, there’s also the human aspect of renting to travel nurses. You’re not just renting to any tenants — you’re helping healthcare professionals provide essential, possibly lifesaving services to your community.
So, while renting to travel nurses may be more complicated than typical rental situations, the benefits extend beyond reliable rent payments.
Whether you’ve decided to rent to traveling nurses or not, TurboTenant can help you manage your rental properties from anywhere in the world.
Our software covers all aspects of the rental process from top to bottom. We offer accounting tools, application assistance, online rent collection, and a variety of other options to streamline rental management. You can even manage ongoing lease agreements via TurboTenant.
To learn more, sign up for a free TurboTenant account today. You’ll be able to explore all of our features and improve the process of renting to traveling nurses — or any other tenants, for that matter.
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