How Do I Rent My House Out to Traveling Nurses?
Renting your house to traveling nurses can be a lucrative and stable income stream. Here’s how to successfully rent your property out to traveling nurses, maximizing your profits and minimizing potential risks.
Understanding the Traveling Nurse Housing Market
Traveling nurses are registered nurses who take short-term assignments, usually 13 weeks, in different hospitals and healthcare facilities across the country. They’re in high demand, especially in areas with nursing shortages. Because their assignments are temporary, traveling nurses often prefer furnished housing rather than signing long-term leases. This creates a great opportunity for homeowners looking to generate rental income.
Benefits of Renting to Traveling Nurses
Renting to traveling nurses offers several advantages over traditional long-term tenants:
- Higher Rental Income: You can often charge a premium compared to standard long-term rentals, reflecting the convenience of furnished housing and shorter lease terms.
- Reduced Vacancy Rates: With 13-week assignments, you have a predictable cycle for finding new tenants, reducing the risk of extended vacancies.
- Professional Tenants: Traveling nurses are typically responsible and reliable professionals with stable income.
- Lower Maintenance: Shorter leases often mean less wear and tear on your property, as tenants aren’t establishing long-term roots.
- Tax Benefits: As a landlord, you can deduct various expenses related to your rental property, such as mortgage interest, insurance, and repairs.
Preparing Your House for Traveling Nurses
Before listing your property, you need to ensure it’s appealing to traveling nurses. Here’s a checklist:
- Furnishings: Provide a fully furnished home, including beds, sofas, dining table, chairs, and essential appliances. Consider offering a washer and dryer, as this is a major draw.
- Kitchen Essentials: Equip the kitchen with cookware, dishes, cutlery, and basic appliances like a microwave, coffee maker, and toaster.
- Linens and Towels: Supply clean and comfortable bedding, towels, and washcloths.
- Utilities: Include utilities like electricity, water, gas, and internet access in the rent, as this simplifies the process for traveling nurses.
- Internet Connectivity: High-speed internet is crucial for traveling nurses, as they often need it for work and communication.
- Safety Features: Ensure your property has working smoke detectors, carbon monoxide detectors, and a fire extinguisher.
- Cleaning: Thoroughly clean the property before each new tenant arrives. Consider hiring a professional cleaning service.
Finding Traveling Nurses
Several platforms can help you connect with traveling nurses seeking housing:
- Furnished Finder: This website specializes in connecting landlords with traveling nurses.
- Airbnb: While traditionally used for short-term vacation rentals, Airbnb can also be used to rent to traveling nurses for longer assignments.
- Facebook Groups: Join Facebook groups dedicated to traveling nurses and housing to advertise your property.
- Networking: Reach out to local hospitals and healthcare facilities, as they often have contacts with traveling nurse agencies.
Setting Your Rental Rate
Research the market to determine a competitive rental rate. Consider factors such as:
- Location: Properties in desirable locations, close to hospitals and amenities, command higher rents.
- Size and Amenities: Larger properties with more amenities can justify higher prices.
- Seasonality: Demand for traveling nurse housing can fluctuate depending on the time of year.
- Comparable Properties: Check the rental rates of similar furnished properties in your area.
Creating a Listing That Attracts Traveling Nurses
Your listing is your first impression. Make it count!
- High-Quality Photos: Use professional-quality photos that showcase the property’s features and amenities.
- Detailed Description: Write a clear and concise description highlighting the benefits of your property for traveling nurses. Emphasize proximity to hospitals, furnished living, included utilities, and internet speed.
- Accurate Information: Provide accurate information about the property’s size, layout, and amenities.
- Highlight Key Amenities: List all the amenities you offer, such as a washer and dryer, high-speed internet, and parking.
- Clear Rental Terms: State your rental rates, security deposit, and lease terms clearly.
Screening Potential Tenants
Thoroughly screen potential tenants to minimize risks:
- Background Checks: Conduct background checks to verify the tenant’s identity and criminal history.
- Credit Checks: Run credit checks to assess their financial responsibility.
- References: Contact previous landlords and employers to verify their rental history and employment status.
- Interviews: Speak with potential tenants to assess their personality and suitability.
Lease Agreements
Use a well-written lease agreement to protect your interests:
- Specify the Rental Period: Clearly state the lease start and end dates.
- Outline the Rental Rate: Specify the monthly rent amount and due date.
- Define the Security Deposit: State the amount of the security deposit and the conditions for its return.
- Include House Rules: Outline any house rules, such as noise restrictions and pet policies.
- Address Liability: Include clauses that protect you from liability for accidents or injuries on the property.
- Consider a Traveling Nurse Addendum: This can address specific needs and considerations unique to traveling nurses.
Common Mistakes to Avoid
- Not Furnishing Adequately: Traveling nurses expect a fully furnished home.
- Ignoring Internet Connectivity: High-speed internet is a must-have.
- Neglecting Maintenance: Respond promptly to maintenance requests.
- Overpricing: Research the market and set a competitive rental rate.
- Skipping Tenant Screening: Thorough screening is essential to minimize risks.
Managing Your Property
Consider whether you want to manage your property yourself or hire a property manager. Property managers can handle tasks such as tenant screening, rent collection, and maintenance. This can be especially helpful if you live far away or don’t have the time to manage the property yourself.
FAQs
Is renting to traveling nurses a good idea?
Yes, renting to traveling nurses can be a very good idea if you prepare your property appropriately and market it effectively. The demand is high, and the potential for higher rental income is significant.
What type of insurance do I need when renting to traveling nurses?
You’ll need a standard landlord insurance policy. It is crucial to inform your insurance provider that you are renting your property to traveling nurses as this may impact your coverage.
How much should I charge for rent?
Research the rental market in your area and consider the size, location, and amenities of your property. Price your rental competitively to attract traveling nurses.
What should I include in my lease agreement?
Your lease agreement should include the rental period, rental rate, security deposit, house rules, and liability clauses. Consider adding a clause specific to traveling nurses regarding their short-term assignments.
How do I handle maintenance requests?
Respond promptly to maintenance requests. It’s helpful to have a list of reliable contractors on hand. Regular communication with your tenant is key to keeping them satisfied.
What happens if a traveling nurse breaks their lease?
Your lease agreement should outline the penalties for breaking the lease. Typically, tenants are responsible for paying rent until a new tenant is found. Having a clear policy in place will help you navigate this situation.
Are traveling nurses responsible tenants?
In general, traveling nurses are responsible and reliable tenants. However, it is always essential to conduct thorough screening to minimize risks.
How can I make my property stand out from the competition?
Offer unique amenities, such as a welcome basket, premium linens, or a smart home system. Providing excellent customer service is also crucial.
Do I need to furnish my property?
Yes, it is highly recommended to fully furnish your property to attract traveling nurses. They typically prefer furnished accommodations for their short-term assignments.
What is the best way to screen potential traveling nurse tenants?
Conduct background checks, credit checks, and reference checks. Speaking with previous landlords and employers is particularly important.
Can I rent out a room in my house to traveling nurses?
Yes, you can rent out a room in your house to traveling nurses. However, be clear about the terms of the rental, including access to shared spaces and house rules.
How long are traveling nurse assignments typically?
Traveling nurse assignments are typically 13 weeks. This provides you with a predictable cycle for finding new tenants.