Thinking about STR investment in Chicagoland area

[Ted Krzysztofiak]

Hello, has anyone invested in STR in the Chicagoland area, City-Subs? Or should I stay away from it, especially for STR - any advise will be appreciated

[Jonathan Klemm]

Hey @Ted Krzysztofiak - If you search some other posts about Chicago airbnb / str's you'll see that a lot has changed over the last 5 years. It used to be simple to get an STR license and AirBnB actually used to handle all the work for you. Now you can only do an STR in a 2-4 if you are an owner-occupant and in 5+ buildings you can only have 25% and will need an operator's license from the city.

I have had an Airbnb over this entire time and am considering pulling the plug on it.  The market got over-saturated and the returns are not what they used to be.