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Hi, I'm seriously considering targeting the areas around hospitals for my multi let, small HMO properties.I have heard that there is normally a demand for this type of accommodation if it's close enough.I wondered if anyone has any advice or experience in this area that they could pass on? Particularly if there's a way of advertising specifically to medical staff?Any advice appreciated, thanks, Mark
I thought the same five years ago and set up a five bed HMO near a local hospital. It has been pretty much full for five years, and I am yet to have a nurse rent a room.
The HR department really put themselves out by sticking a poster on their notice board. With HMOs you just never know who is going to turn up. Do a quality job on the rooms, make sure you're on a bus or train route, and near shops, and ideally have parking, and you'll not be short of applicants.
Lol, well thanks for sharing your experience. I thought HMO'S would be the way to go but perhaps it's a bit more niche.
Hi,Who were your main tenants from the hospital?Thank you
We thought the same. We have found an area of inexpensive housing literally yards outside the rear entrance to a major hospital. It is hard to gauge demand but it would seem obvious that 1100 on site workers would create some demand.
The local agents seemed pretty dozy but all three had a real downer on letting to nurses who that said they were bad news, as this was said by all three it would be interesting to hear from others. We think we will go ahead and see how we do.
Interesting, nurses make bad tenants but they had nothing to say on the demand for rooms?
I can see why they might be seen as poor tenants, relatively low wages, long hours and stress. When they get time off they will need to rest.
Given how many ppl are on PT there hasn't been much of a response to my question, which I'm surprised about. I had hoped lots of ppl would have found this a profitable market?
Good luck to you tho
Did the agent explain why nurses are bad news as tenants?
No, but my image of caring and sharing seemed out dated, I don't know why. One agent wouldn't let to nurses!
Whereas nurses are not so well remunerated there are many technical grades with good pay.
However there is a perception that nurses are badly paid but a plasterer who we use has a wife, a theatre sister who now works for the NHS as an agency nurse and in on over 65k pa.
Better than letting houses!
I did consider something similar where I am. But the area around the local hospital is not the best part of the city. Some staff do not feel safe walking to the car park on their own. So, I decided against it in the end.
Hi Mark,Worth bearing in mind that a lot of hospitals provide staff accommodation at subsidised rates, especially for more junior doctors and nurses. You should check what accommodation your local hospital is already offering as part of your due diligence.Certainly here in Guildford, the Royal Surrey County Hospital has on-site accommodation and also owns a number of properties around the town when doctors live.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks for your advice, its certainly on my list for checking.
There seems to be a glut of student HMO's with many staying empty where I'm looking so i'm seeking alternatives where there might still be a demand.