Chicago Airbnb Question

[Nick Brown]

Hi, 

I'm fairly new to the real estate market having just bought my first rental property in Chicago (Wicker Park) at the beginning of July. I was thinking of purchasing some more property within the next year and thought about possibly doing an Airbnb in Chicago. What does the timeline look like for applying and receiving a Shared Housing Unit license? Also, I'm open to any advice or thoughts in general as well as I'm just trying to learn.

Thanks,

Nick

[Mark Reitman]

Hi Nick,

Yes, when you create your listing, Airbnb will take care of the application and you can run your Airbnb until the city approves or denies it. If you're purchasing a unit in a condo building, even if short term rentals are allowed, you want to make sure it's going to stay allowed. Even if they specifically allow short term rentals - vs. just saying nothing - you'd want to find out what it takes for the HOA to change the regulation. If it can be done more easily, make sure you have a Plan B.