Travel nurse housing can quickly deplete your budget if you’re not careful. That’s why it’s important to consider your options before committing to an assignment.
The most common choice is to allow your agency’s housing department to secure a short-term rental. These rentals are often apartment complexes or extended-stay hotels.
Cost of Living
Depending on the city, the cost of living can vary widely. Some locations have higher costs than others, impacting how much a travel nurse spends on housing. For example, rent in a major city can be more expensive than in a smaller town. Other costs to consider include groceries, restaurants, and transportation.
Some travel nurses live in extended-stay hotels offering furnished rooms and kitchen facilities. These hotels are usually popular vacation destinations and offer special discounts during off-seasons. They can also accommodate pets and provide parking.
Another option for travel nurses is to rent a house or apartment and provide their furniture. This can be more affordable and more private than staying in a hotel. However, it’s important to understand the rules and requirements of the housing stipend before renting out your home.
Travel nurses can be great tenants, as they are typically responsible and respectful. This makes them a good investment for real estate investors. So how much travel nurses can make? They can generate a steady income and provide a high ROI for your property. Travel nurses earn $2,233 per week more than registered nurses do every week. According to the Bureau of Labor Statistics, the average RN traveling nurse income is $77,600.
Taxes
The cost of living and taxes can differ significantly depending on where you travel. For instance, you can expect to pay more for rent and other expenses in big cities than in smaller towns. Likewise, the cost of groceries can be higher in some areas than others.
In addition to stipend amounts, travel nurses must also consider their housing costs when budgeting for their assignments. The cost of renting an apartment can vary widely, depending on the location and time of year. Some travel nurses choose to room with a colleague to reduce living costs, and some agencies offer agency-based housing, which removes the hassle of finding temporary accommodations.
Utilities
Investing in travel nurse housing can be profitable if you’re a property owner. This type of rental yields a high ROI, and nurses tend to be quality tenants with good credit who pay on time. Plus, their assignments are short, which reduces the risk of long-term damage and wear and tear.
Typically, staffing agencies provide their travelers with agency-based housing or tax-free housing stipends to help them find accommodations on their own. With the latter option, nurses usually choose rentals on websites that cater to travel professionals. These sites feature properties that range from rustic cabins to contemporary city apartments.
Research the market first if you’re considering investing in travel nurse housing. This will give you a clear understanding of a market’s demand and rents to help you make the right decision. You’ll also want to network with local hospitals and medical centers to promote your rental. This will ensure a steady stream of travel nurse tenants and a higher occupancy rate.
Furniture
Not all travel nurse housing comes furnished, although extended-stay hotels and some vacation rentals do. You may need to rent or buy furniture, such as a couch, dresser, bed frame, kitchen appliances, dishes, linens, and other necessities. In addition, you’ll need to budget for items like laundry facilities and parking if your rental doesn’t come with them.
One option is an agency-placed rental, which covers most or all your furniture needs. This is often the best choice for new travel nurses who need more experience with finding housing themselves. However, it can limit your options and flexibility, and you won’t have any control over the selection process or housing type.
Another option is using a niche housing website. This site specializes in travel nurse housing and offers fully furnished properties that rent by the month without booking fees for travelers. The site also verifies all property owners and requires background checks to keep the site safe for travel nurses. It’s important to research all your options and find the best housing fit for your next assignment.
Transportation
Travel nurses need to stay close to the hospitals where they work. Moreover, they want to spend only a little time commuting. If your property is near public transportation or within walking distance of restaurants, shopping, coffee shops, and other attractions, it will be an attractive rental for travelers.
Many travel nurses prefer to go through their agencies for housing, which means the agency finds a furnished short-term rental near their assignment and handles all interactions with the landlord, furniture package, and utilities. Other travelers opt to find their housing and use their stipend to pay for it.
Some travel nurses live in bed and breakfasts or rent rooms on residential properties. These rentals may be partially furnished and require that the travel nurse bring their furniture. However, they are usually affordable for short stays of a few days or weeks. Bed and breakfasts are also a good option for travelers who prefer to drive rather than fly. These accommodations are listed on Airbnb and other vacation rental sites.