I was wondering if airbnb may be a good option near Millennium park. Maybe starting with studio or 1 bed 1 bath condo at $200K (with less than $400 HOA). I may need to stay there for a few months per year, and plan to rent for the rest. Do you think it can be a good plan? can anybody who knows in Chicago comment?
Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
7y
Certainly that is an attractive area for AirBNB. I don't know that your numbers are possible for a 1 bed. Maybe for a studio. 1 beds are more like 300K and 500 a month on the low end.
Research chicago short term rental laws. They are a bit complicated. Of course, property management is key. The expense and hassle of lots of short terms is high.
So I guess the answer to your question is Yes, it may be. Now you need to do a lot of research on specifics to see if it actually is a good option.
Make sure the building allows you to do this. A lot of building have been cracking down on this over the past 5 years. Especially in high rises. Best of luck.
Chicago, IL · Member since 2018 · 32 posts · 26 votes
7y
Definitely an attractive area for short term rentals, but the city of Chicago is pretty strict in their AirBnB host approvals and enforcement, not to mention the rules and regs of the particular building you're looking at.
AirBnB offers an FAQ on the Chicago registration process here.
I sold my condo in Printers Row due to the HOA restrictions. You can find great properties just south of the loop, i.e. Printers Row, South portions of the Loop, and South Loop for low $2-300's.