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Updated almost 5 years ago, 02/11/2020

User Stats

9
Posts
5
Votes
Sebastian Boruta
  • Gurnee, IL
5
Votes |
9
Posts

Short term rentals in downtown Chicago?

Sebastian Boruta
  • Gurnee, IL
Posted

I have been researching the topic of short term rentals in downtown Chicago and would like to find out if anyone has any hands on experience with this and can provide some additional insight.

Target audience would be vacation and corporate rentals.

Marketing is pretty well covered by sites like AirBnB, VRBO, etc and currently posted properties have their calendars filled at approximately 50-80% rate. 

It looks to me like it makes sense financially but there are several risks that might turn it into a bad investment:

1.) Recent NY and SF legal issues for short term rentals (AirBnB specifically) and a possibility of the same happening in Chicago. - my research shows that it is legal to do it in Chicago at this point. License fees for that specific rental have even been established in the last few years.

2.) HOA issues - this will be case by case basis but even if it is allowed now it could change at any point. Not sure what can be done to alleviate this risk.

Anyone in this market already or looking to start? I would love to hear your thoughts.

Thank you in advance for any feedback.

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