How to Determine a Price for Renting Your Home to a Travel Nurse
BlogsJune 14 2019 by Transplant Housing
Renting your home short term to a travel nurse or health care professional has many benefits. By doing so, you’re renting in a great niche market. It’s a great option if you want to avoid long term rentals (that increase wear on your home) or vacation rentals. Additionally, health care professionals are inherently trustworthy and responsible by trade. Thus, you can rent with the peace of mind that your home will be well taken care of. Plus you’re providing a roof over the head of a health professional that is needed in your city.
Pricing your short term rental for a travel nurse.
Travelers can have a hard time finding short term rentals, since the market is catered primarily to long term and vacation rentals. They end up having to deal with high security deposits, negotiating a shorter lease, and having to somehow furnish an apartment from afar. If you can provide them with a pre-negotiated short term rental that is furnished, they will be happy to pay a little more to save time and a headache. How much more? It really depends on your area.
Find a price you’re comfortable with that a traveler can afford.
Being a travel nurse or medical professional has the reputation of a high paying salary. While the pay is competitive in comparison to long term contracts, nurses are allotted a specific amount each month based off the state and county’s per diem guidelines. Otherwise, they can choose to have their staffing agency find them housing and opt out of receiving the tax free stipend. The main reason a travel nurse will choose to find their own housing is to be able to keep some of that stipend each month. This choice helps them maximize their income and savings. Thus, if your home is priced close to the cost of their assigned stipend, they may shy away and decide to let their company deal with housing instead. The truth of the matter is, most travelers get into the business to get ahead with their finances rather than blow it all on a high end luxury stay.
Do a price comparison.
Once you know what kind of stipend a nurse is working with in your area, you can then look at Transplant Housing’s listings to see what others are offering their home for to travelers. Compare their list prices to your home’s location, amenities, and furnishings and decide what price will make your home competitive in the same market. No matter what price point you choose, make sure you are making it worth your time and effort while providing a reasonable deal for a travel nurse.
Find a balance.
You have a fabulous home to rent to a responsible tenant. You will be making extra income while your renter enjoys the comforts of your home. Finding the price point that works for both parties might take some experimenting. You can always try one price point and then re-assess periodically. If you are overloaded with inquiries or have radio silence, it will be a pretty good indicator of how to adjust.
Regardless of what price you choose, keep in mind that the way you display your home on your rental listing is important too. If you’re still feeling unsure, Transplant housing is available to help you with inquiries and make you feel comfortable with your listing. Don’t miss out on this amazing market!