Short Term / Vacation Rentals In Chicago

[Mark Ainley]

Morning BP Community, 
On a national level I have been part of many conversations with vacation & short term rental owners about what they are doing to mitigate potential short term loses based on the lock downs.  I am curious to hear what people local to Chicago and the Suburbs are doing with their short term housing stock?

On a national level I have heard 3 general responses.  The three responses I am hearing is wait it out figuring it will pass in 30-45 days and they can cover loses until then, rent to first medical and emergency workers wanting to shelter themselves from family during these times, and then many converting them from short term to long term or annual rentals?

Would love to hear feedback from any short term owners on what you are doing or any value anyone can add by questions you might have.

Keywords, Lake County / Cook / Dupage / Loop / wicker park / bucktown / naperville

[John Underwood]

I have cancelled all the April Reservations based on the SC Governors order for people to stay at home.
I have had people try and talk me out of this because they are going stir crazy at home and want to come to our Lake House.
I plan on cleaning up the boat and putting it in the water this weekend to make use of this time.
I also plan to do some extra maintenance during this downtime.
So my reply is:

Wait it out figuring it will pass in 30-45 days and they can cover loses until then.

I have long term rentals that are doing very well. I don't recommend anyone putting all their eggs in the STR basket. Diversify!