Airbnb investment only property

[Natalia Wang]

Hi everyone!

I'm interested in buying an Airbnb investment property looking for some advice on how to navigate through the new Airbnb laws in Chicago.

If I were to buy an investment only 2 flat it seems like I we'll have to do some additional petitioning before I get registered. If I did occupy this two flat I could rent out one unit. However since I will not be living there it sounds like I'll have to get some additional approvals from my neighbors and aldermen before Chicago will provide me with a registration number.

Does anyone have any advice on how to navigate through these laws? Maybe I'm not reading the laws properly?

[Jeremy W.]

Originally posted by @Natalia Wang:

Hi everyone!

I'm interested in buying an Airbnb investment property looking for some advice on how to navigate through the new Airbnb laws in Chicago.

If I were to buy an investment only 2 flat it seems like I we'll have to do some additional petitioning before I get registered. If I did occupy this two flat I could rent out one unit. However since I will not be living there it sounds like I'll have to get some additional approvals from my neighbors and aldermen before Chicago will provide me with a registration number.

Does anyone have any advice on how to navigate through these laws? Maybe I'm not reading the laws properly?

Hi Natalia,

The additional petitioning is a commissioner's adjustment. According to the ordinance, this is very vague. You fill out a "one-pager" to the commissioner and state your case. Knowing the alderman never hurts :)

It is all contingent on what the city decides. They are still trying to figure out the "airbnb thing" and how to best regulate it. I've heard that it is taking up to 6 weeks for the city to approve/decline the application presented via the Airbnb website. That's crazy! 

I am meeting with the policy adviser for Airbnb in Chicago soon so I will have a better answer for you, but PM me if you have further questions. When looking to purchase your 2-flat, getting city approval is a risk you have to consider in your analysis. 

All the best! -Jeremy