Chicago Airbnb Occupancy Rate- How has yours been doing?

Question

I wanted to reflect on my Airbnb's performance in one of my units i have located in Jefferson Park Chicago.

I put together the attached analysis to look how my occupancy has bee YTD.

I started doing Airbnb in this unit in February of 2017.

Curious to know how other peoples Airbnb is doing in Chicago?

What do you guys expect for the winter?

Nathan Gesner · Answer

I would be more interested in knowing what your net income is. After deducting all expenses, including the time you spend managing / cleaning / repairing / etc., are you making more money than you would as a long-term rental?

Syed Lateef · Answer

@Elliot Rudmann You can consider my place portgage park. I am on Central & Lawrence.

People who travel from around the country dont know the difference between Lakeview or Wicker park.

In my opinion they look at price, quality of furnishing, reviews, and how far from downtown.

Theres a significant decrease in occupancy in winter months. Sept to Nov were great on Airbnb.

December is a huge drop off. I have lowered prices significantly as well.

In December in the first 15 days have not been that bad as i luckily get last minute reservations the same day. But my calender is looking skinny for the remainder second half. I hope to continue to get last minute bookingsIt has made started starting to advertise on other platforms. VRBO, Booking.com etc.

Elliot Rudmann · Answer

@Syed Lateef - those occupancy rates look really good. The demand for AirBNBs in Jefferson Park surprises me a bit since there's not as much action in this part of Chicago than say, Wicker Park or Lakeview. My wife and I currently live in Portage Park and are strongly considering purchasing a multifamily in Jefferson Park to owner occupy & rent out, possibly AirBNB... How have the last 3 months been in terms of occupancy? I'm very curious. I've heard it can be difficult to rent out units (short and long term) in Chicago during winter months.

Syed Lateef · Answer

@Nathan G. i made another post to discuss this... take a look...

https://www.biggerpockets.com/forums/664/topics/490754-how-much-i-am-making-on-my-airbnb-in-chicago?page=1#p3020756

Dhru Das · Answer

@Syed Lateef I buy rental properties. If I get one in really good area close to all amenities then I do AirBnb with it...as you know AirBnB is all about location...

Syed Lateef · Answer

@Dhru Das I am looking to grow too. How are you looking to acquire new places to do Airbnb?

@Mike Mollica I own the multifamily properties i do Airbnb. I also do Airbnb Property Management for clients as their co-host@Lumi Ispas Thanks for your insights. Yeah i had 57% bookings during that time without having any reviews. I am hoping to beat that this year. I will update this as i finish the year to see how my performance was

Lumi Ispas · Answer

@Syed Lateef , my experience for the last few years is been that after Thanksgiving only Christmas and New Year usually books with January and February empty. I will advise you to rent the place furnished for December to February if you can, or even November.

You must have a really good location as I see your February was booked 57% of time. Great job!

Mike Mollica · Answer

I've been looking to buy a place in Chicago for a while but worried about winter month vacancies.

Do you own a multifamily or airbnb a condo/home? I worry about city/government restrictions on short term rentals, but am not familiar with current laws in Chicago.

Dhru Das · Answer

@Syed Lateef my units are doing about same in Jeff park averaging 90% occupancy since starting in June. I got 2 units so far, looking to expand.

Chicago Airbnb Occupancy Rate- How has yours been doing?

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