It’s been three years since COVID-19 erupted, but the healthcare industry is still busy and booming. And if you haven’t thought of it before, it’s time you did – rent to traveling nurses.
In this post, and with all the relevant data, we’ll tell you why you should be hosting healthcare professionals. Pandemic or no pandemic.
Consider the following statistics:
Even before COVID-19, there had already been a nursing shortage in the USA. And the healthcare crisis of 2020 only exacerbated it.
What many hospitals resorted to doing was contract with staffing agencies that provide nurses from out of town or even abroad to work short stints and fill high-demand positions.
As demand for travel nurses soared, so did the pay. Nurses who were willing to travel and sign on with the agencies could triple or even quadruple their salaries. In 2021, staffing agencies were offering to pay them anywhere from $5,000 to $10,000 a week.
That was because hospitals were receiving large sums of COVID-19 relief funding from the government to help shoulder healthcare expenses.
As a result, many staff nurses left full-time hospital jobs for contract travel because of the higher pay and greater flexibility. In 2020, travel nursing saw a 35% growth over pre-pandemic levels of 2019, and hit 40% in 2021.
Staffing industry analysts reported the revenue growing by 185% in 2021 to a total of $27.6 billion. The industry was estimated to grow 20% further in 2022.
Now, years after the pandemic, the nursing shortage hasn’t let up. Many hospital nurses got burnt out and demoralized during the crisis, pushing them to either go for travel contracts or retire from the field altogether.
And while travel nurse salaries have decreased since the height of the pandemic, they’re still higher than the average wages before 2020.
Industry experts say travel nursing is here to stay. Aside from staffing needs among hospitals, there’s also growing demand for travel nurses in home health care, mental or behavioral health care, and substance abuse disorders.
The industry is definitely hot, and so is the housing market for them. Rabbu says the term “travel nurse Airbnb” soared in Google Searches by over 900% in 2021-22.
There are two ways for travel nurses to find a place to live. Once they sign a contract with a staffing agency, they can find their own accommodation using the housing stipend provided. Or they can stay in an agency-placed travel nurse housing. Going with the second option can save them some time and headaches, but they won’t have a say in the choices and may find themselves living in a place they don’t really like.
So a vast number of traveling nurses opt for the first choice. They accept the housing allowance and use it to book a travel nurse rental of their choice.
Stipends typically run between $100-300 per day depending on the location, time of year, and urgency of their assignments.
Travel RNs make great guests and tenants because they are healthcare professionals and have stable jobs. Many of them hold multi-state licenses and usually have work already waiting for them as soon as they arrive.
They can decide to work when they want, taking weeks off between assignments to travel and see family and friends. They can now also work where they want – even in large metros that they would otherwise be priced out of as a long-term resident, such as New York or Southern California.
In that sense, they’re a cross between corporate travelers and freelance, remote, nomadic workers.
As guests and tenants, traveling nurses tend to be quiet, predictable clients. They work 24-hour shifts and usually just want to sleep and recharge when they get home. While some may bring pets with them, most of the younger and older ones are single and don’t have young children around.
If you want to boost your bookings, especially during off season, consider medium-term stays and accommodating traveling nurses. Their assignments last for 13 weeks at a time, with some extending or being renewed for up to 6 months to a year.
If you had to account for the days that your property isn’t booked, opening it up to traveling nurses medium-term could ultimately bring in more income.
Plus, hosting mid- and long-term stays is one way of getting around ordinances and regulations in cities that prohibit short-term renting.
Travel nurses need fully furnished homes and apartments that are safe, quiet, affordable, and move-in ready.
If your property is in a peaceful neighborhood that’s walkable, or within at most a 30-minute commute from a hospital or healthcare facility, you’re in a good spot.
They’ll be happy to talk to you if you can give them a price that will work within their budget. Because even though they receive a housing stipend, it’s not unlimited. It also depends on the city of their assignment and varies from contract to contract.
When it comes to amenities, you can provide a few basics to help them get started. But travel nurses don’t expect welcome baskets, mini-shampoos, or regular cleaning. Those are wonderful, but not at all expected. You could just offer a starter pack of coffee and snacks, enough to tide them over until they can go out and do a grocery run.
But the amenities that traveling nurses most appreciate are:
If your property has multiple bedrooms, you might consider hosting several nurses. Traveling nurses like to home-share with colleagues so they can split the cost of lodging. Not only does it make their stipend go a little further, but it also helps them feel more at home and comfortable after working long, grueling days in a strange new city.
Make sure you state all the above in your listing description since they can be huge selling points.
If you live near a police or fire station, you may also want to mention that.
Airbnb is popular among traveling nurses because it’s user-friendly and has a vast network of lodging options. But it certainly isn’t the only platform you can market your property on. You can also use VRBO, FlipKey, or Furnished Finder. Even Facebook Groups for traveling nurses.
By using multiple channels, you can make your home available to a network of travel nurses who are looking for places to stay — a home away from home.
To avoid flaky or bad guests, use tenant screening and communicate directly with potential renters.
Remember to charge a security deposit and sign a rental agreement. Bear in mind that guests turn into tenants once they rent your property for a longer term. In most states, they gain tenant rights after 30 days of leasing your property.
(PRO tip: Get acquainted with innkeeper and landlord laws as well as tenant rights in your state.)
Your rental agreement should outline all the terms and conditions of the lease. Be clear about policies and expectations on noise levels, cleanliness, pets, etc. If you want to charge fees for broken rules, you’ll need to say so in the agreement.
You may also want to talk to your insurance company to find out if you need to add extra coverage for taking in a mid-term lessee.
Related: Recession-proof Business: 11 Ways Your Short-term Rental Can Ride Out an Economic Slowdown
Ready to learn how we built and operate a $2M/year short-term rental business, operate properties throughout the USA remotely, and acquired 70+ properties without owning any in just 2 years? Attend our free online master class to learn how you can do the same. Click here.
