Recap of Episode 121: Maximize Your Midterm Rental Bookings with Travel Nurses - Key Lessons from TravCon 2024
The rise of midterm rentals has created a lucrative opportunity for real estate investors, particularly those looking to serve traveling medical professionals. With platforms like Furnished Finder streamlining the process, investors can achieve strong returns without the complexities of traditional rental models. In this post, we explore strategies to optimize your midterm rental business and tap into the growing demand for housing among traveling nurses and other professionals.
What Are Midterm Rentals and Why Are They So Lucrative?
Midterm rentals bridge the gap between short-term vacation rentals and long-term leases, typically ranging from one to six months. This rental model is particularly attractive to traveling professionals—especially nurses, doctors, and other medical staff—who need temporary housing while on assignment.
Why is this market so profitable? Midterm rentals offer several advantages over traditional long-term rentals. Investors can secure higher monthly rents than typical leases, while also benefiting from longer-term stays that provide stability compared to short-term vacation rentals.
Furnished Finder: A Leading Platform for Midterm Rentals
Founded in 2014, Furnished Finder has quickly become the top online marketplace for midterm rentals, catering primarily to traveling medical professionals. The platform grew significantly during the COVID-19 pandemic, expanding from fewer than 50,000 listings in 2020 to more than 300,000 paid listings today.
As a trusted platform for property owners and renters alike, Furnished Finder offers an excellent opportunity to connect with high-demand tenants—especially traveling nurses—who often return for repeat stays.
Insights from TravCon 2024: What Traveling Medical Professionals Want
The latest TravCon 2024 event provided valuable insights into the preferences of traveling medical professionals. According to survey data from the conference:
- 71% of respondents used Furnished Finder for finding housing during their assignments.
- 81% reported booking multiple stays, highlighting the potential for repeat business if you offer high-quality, reliable rental options.
This feedback underscores the importance of ensuring your property is listed on platforms like Furnished Finder and meeting the specific needs of traveling professionals.
Best Practices for Landlords: Maximizing Your Midterm Rental Income
To succeed in the midterm rental market, especially when targeting traveling medical professionals, landlords should follow these best practices:
1. Comprehensive Listing Management
- List all available properties: By showcasing all of your rental options, you increase your chances of attracting more tenants.
- Highlight key features: Focus on unique amenities, such as proximity to hospitals, parking availability, or furnished spaces that cater to the specific needs of traveling professionals.
2. Professionalism and Transparency
- Always be transparent in your listings and communication with tenants.
- Avoid last-minute cancellations or redirects to other properties, as this can harm your credibility and reduce repeat business.
3. Create a Worry-Free Rental Experience
- Offer a worry-free waiver for security deposits, easing tenant concerns and building trust.
- Develop a clear and fair cancellation policy, especially if you allow tenants to exit early once the unit is re-rented.
4. Utilize Key Tools for Efficiency
- Tools like KeyCheck by Furnished Finder can be used to leverage tenant screening, online leases, and automated payment systems to streamline the rental process and reduce administrative hassle.
Expanding Your Midterm Rental Portfolio: Tips for Long-Term Success
Consider Room Rentals: If you're looking to increase your returns, consider renting out individual rooms instead of entire units. This can cater to tenants on a tighter budget or those with specific space requirements.
Research Market Demand: Before expanding into new areas or adding new units, use Furnished Finder's market stats to evaluate supply and demand in your target area. This data-driven approach will help you make informed decisions and optimize your investment.
The Growing Opportunity in Midterm Rentals
The demand for midterm rental properties from traveling medical professionals is growing steadily, making it an ideal market for real estate investors. By utilizing platforms like Furnished Finder, implementing best practices, and understanding the unique needs of traveling professionals, you can maximize your rental income while offering valuable housing solutions.
Now is the perfect time to enter the midterm rental market, or to expand your existing portfolio. With careful planning and strategic execution, the potential for consistent cash flow and high occupancy rates is significant.
Stay Updated on the Latest Trends in Midterm Rentals
For more tips on how to succeed in the midterm rental market, make sure to check out our blog regularly and subscribe to The Landlord Diaries podcast for the latest updates and expert advice.
Whether you're new to midterm rentals or looking to scale your investment, there’s never been a better time to tap into the booming market for travel nurses and other professionals.