Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
I see a lot of talk about airbnb on this forum so wanted to share some real life numbers (this is a clients not my personal) I have removed the address per forum rules. Overall it brought in a net annualized return of $4284 a month or $51,409 net annual (after management, vacancy, wear/tear repairs and cleaning fees). Comparatively I think the market rate would of been $3800 normal rental so assuming 5% vacancy $3610 then 5% management = $3429.50. In this case airbnb brought in 19.95% more income. Wrigleyville area coach house.
I like the idea of data sharing and think it is something more forum members should do to help each other estimate investment returns for various neighborhoods/strategies. Does anyone on this forum have real life numbers for single room airbnb in chicago? I am very curious of how the strategy of doing individual room rentals plays out?
Unfortunately don't have any pre-rehab shots but here is a shot of the finished project ;)
Investor · Chicago, IL · Member since 2016 · 1k+ posts · 930 votes
8y
Is this a whole house rental? That makes a big difference (people will rent for parties). Also, a Wrigleyville Airbnb is going to be near the top of the range for any place in the country simply because of the city, the neighborhood, proximity to public transportation, and proximity to the city's center. This is NOT, I repeat NOT typical of an Airbnb rental.
Chicago, IL · Member since 2018 · 57 posts · 33 votes
8y
I think it’s great to see these actual numbers posted because it’s helpful to see ANY side-by-side analysis. However, @Ray Harrell has a huge point that “your mileage may vary”... There are many areas of Chicago that will never work this well for a tourist-driven short-term rental. So much of it is about location (near tourist attractions or for business people, near a work-site), access to transit and highways, available amenities, etc. This Wrigleyville unit is close to being the absolutely perfect locale.
Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
8y
I thought that was good info from @Rick Bassett but I was a little confused by the conclusion that is was barely worth it when you consider the extra work.
You didn't detail or even mention in your post how much extra work or what that entails.