Airbnb Property Management Chicago
Airbnb Property Management Chicago – Chicago Airbnb property management is easier than ever. We take care of the entire short term rental management process!
Our approach to Chicago short term rental property management is analytical, hospitality oriented and owner friendly. s short term rental managers will ensure you and your property are in good hands.
Airbnb Property Management Chicago
Short-term rentals and monthly executive rentals provide its popularity nationally and internationally. This popularity has grown in recent years as more people opt for short and extended vacations in Chicago. Compared to other major population centers in the country, Chicago has a very favorable regulatory approach to vacation rentals due to its emphasis on tourism’s economic growth. The rise of remote work has also led to more people choosing to spend more time in Chicago.
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Given Chicago’s size, short-term rentals are in demand throughout the city’s beautiful neighborhoods. In neighborhoods with low demand, there will be a balancing effect of low supply. This ensures a consistent stay no matter where and when the host is renting. Demand in the downtown core is always strong due to its proximity to restaurants, activities and sites. Outside the downtown core, there is a lack of hotels in neighborhoods where tourism is less popular. However, their hosts offer better hotel alternatives on sites like Airbnb and experience a solid stay.
The Chicago short-term rental market is seasonal due to variations in travel demand throughout the year. The strongest months of the year are May to October. And the summer months are the busiest time. Factors such as increased tourism, conferences and events create demand during summer. In winter, there is less demand for tourism. But hosts who rent out the home during these months still receive a steady monthly income and accommodation.
In the City of Chicago, a short-term rental is part or all of a home that is rented out to guests for temporary stays. The three categories of short-term rentals are shared housing units, vacation rentals, and bed and breakfasts. For any questions about Chicago short-term rental regulations or vacation rental licensing, you can visit the city’s website or contact us.
This enabled Stephanie to rent out her home on Airbnb and other short-term rental platforms without having to worry about day-to-day management.
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Provide additional information about your property so we can provide you with a short-term rental income estimate and a quote for our property management and Airbnb listing management services.
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Toronto’s short-term rental market is one of the best in North America. Stronger Travel Demand Than Read More You are here: Home 1 / Chicago Real Estate Advice 2 / How to Buy a Chicago Condo for Airbnb
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If you want to know how to buy a Chicago condo for Airbnb, we’ve updated this article with all the latest information to get you started.
Short-term rentals (“STRs”) like Airbnb continue to be one of the hottest real estate sectors ever, so I’m often asked how to buy a Chicago condo for Airbnb. When showing listings, one of the first questions I get from buyers is if the rental is allowed. The next question is whether STRs like Airbnb are allowed.
As a Chicago high-rise, that answer is almost always “no.” However, there are some exceptions if you’re willing to dig or know where to look.
There are many risks involved in buying a condo for Airbnb. One of the biggest risks for the investor is that condo rules can change. Especially if there are issues with short-term, vacation-type rentals in the building. The building’s HOA does not need to amend its rules to regulate STRs like Airbnb.
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The City of Chicago Shared Housing Ordinance prohibits vacation rentals in buildings registered on the City’s House Share Prohibited Buildings list. Adding a building to this list is as simple as filling out a form.
There are now over 2,300 Chicago buildings that restrict owners from using their condos/units for Airbnb purposes. And violations carry fines of $1,500 to $3,000 per offense.
As such, it’s definitely critical to find properties that offer some assurance that it’s OK to use your condo for Airbnb, but work with the condo board before policies change. The next step is to find the right property.
Buying a Chicago STR is no easy feat. Extensive leg work and dedication is almost always required. Having someone with experience on your side will definitely speed up the process.
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Once a property has been located and you have received an acceptable offer, further due diligence is required. For example, contacting the HOA to double check that they are vacation rental friendly.
Once the sale closes and you’ve decorated the space like a Design Star finalist, you’ll need to advertise on City-approved platforms (Airbnb, VRBO, HomeAway, etc.).
Each Chicago share-housing unit (SHU) is required to be registered with the City. The process of registering is as simple as listing the unit on one or all of these platforms. The good news is that you are allowed to host as soon as you apply for registration.
Beginning in June 2021, Chicago requires that your property be registered with Airbnb or VRBO before hosting it. Don’t worry though! Our expert will take you through the registration process.
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If you enjoy being an Airbnb host and decide to grow your business into multiple units, you will be known as a “shared housing unit operator.” As such, you must take an additional step and obtain a license from the City. To do this, just fill a form and pay the annual fee.
At Best Chicago Properties, our STR / Airbnb expert is Alex Cross. Alex is an experienced Chicago real estate broker who has found many Airbnb properties for our clients. He is also a successful Chicago STR / Airbnb host with four properties in the city and one outside of the city.
When tough Airbnb questions come up, I defer to Alex. Here’s his best advice for aspiring Airbnb hosts.
1. Find the perfect location “As with all real estate, location is critical to a Chicago STR / Airbnb.”
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One of the best reasons guests choose my Airbnb listing is its proximity to public transportation. Staying close to the CTA means my guests start staying on a smooth, positive note,” explains Alex.
“I handle all guest communications. I have a few standards that I like to uphold, response time and messaging. In an industry that depends on your reputation, this is a good idea. Alex also pointed out that for practical reasons, he chooses to outsource cleaning and room/unit turnover.
4. Be Best Friends with Your Neighbors and HOA “Do a thorough check of every group you host”
And I have rules to make sure the neighbors don’t bother. This is the main thing I do to avoid inconveniencing my neighbors and to maintain good relations with them.
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“Before buying a property, familiarize yourself with these rules or consult an expert to understand them better. Doing so allows you to ‘de-risk’ the investment.
6. Check if the property cash flows as a traditional rental “Do the math to make sure the property will cash flow as a traditional rental”
This became very important during the Covid era when the demand for Chicago STRs was almost gone. Even if a pandemic doesn’t disrupt your STR business, you should have this option in case Airbnb is ever banned from the building. You really want to cover your bases.
Alex curates a list of properties with high potential for letting to Airbnb. From his experience, the average object has less than 1% chance. ~50% chance on his list. Beyond identifying the perfect properties for STR / Airbnb, Alex helps his clients de-risk and ensure their property is approved by the City of Chicago before closing.
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“Buyers can find a Chicago property for Airbnb, but success requires a partnership between the broker and the buyer. Active buyer involvement and a willingness to move on quickly if a deal falls apart during the de-risking process are required.
Contact Alex Cross if you are looking for guidance on how to buy a Chicago STR condo for Airbnb. Also, if you need help setting up, managing, or optimizing your short-term vacation rental, check out his site Vacation Rental Advice.
Also, if you’re considering buying a home instead of Airbnb, check out our tips for buying a home for Airbnb in Chicago.
Licensed since 2005, Chuck Gullett is the managing broker of Chicago’s best Chicago properties.
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