Downtown Chicago Midterm Rentals

[Luke Stewart]

I am looking to buy a condo in the city using a second home loan. I know all the second home loan requirements so no need to hash that out here. I am more interested in people who do midterm rentals, anything over 1 month, fully furnished. I grew up here and when I came to the city as a travel nurse this summer, the month to month furnished rentals were outrageously expensive, $4000-$5000 a month easily to be in a nice building anywhere in River North, Gold Coast, Lincoln Park, West Loop etc. I have done multiple calculations and it seems like that market has great cashflow... in the summer. Does anyone have experience to share about this specific rental in the city throughout the year? Pros and cons. Is gym or parking a huge plus? I always view midterm renters people who want all the amenities. It seems like a great market for that despite the property taxes. Any advice is greatly appreciated!