Does anyone have any experience with condos or multi-family properties in the Roger's Park neighborhood of Chicago? I am considering putting an offer on a place with plans on utilizing as a vacation rental. The plan is to live in the unit while renting out one of the rooms on AirBnB and other home sharing websites. I've ran the numbers on the property assuming it will be a long-term rental just in case HOA changes there bylaws in the future (HOA is currently not opposed to rentals under 30 days). This would be my first property. Any insight you can offer is welcomed and appreciated.
I am currently renting out a room through airbnb in Edgewater, which is the adjacent town south of Roger’s Park. It’s been awesome for me thus far. There is a demand in our area on airbnb due to Loyola University and Northwestern University nearby. Therefore, I have parents, siblings and significant others of students who book my place a lot. I would make sure to find a location where public transportation is readily accessible since many tourists want to get to downtown. Parking would be helpful too. Make sure to do your due diligence and see what similar rooms are renting out for in your area.
Hope this helps!
@Victor So Thats great to hear it has been working so well for you thus far Victor! If you don't mind me asking, are you renting out a condo or single family home? And if it's a condo, how have you been able navigate through the current climate that AirBnB has found itself in regards to the new restrictions and regulations that were passed last year? Is your HOA lenient with short term rentals? Do you intentionally limit your occupancy rate to stay under the radar?
I'm renting out a room in my condo. And yes, our HOA is strict with everything. They only allow guests (all guests, including airbnb) to stay a maximum of 2 weeks at a time. So, I've set my limits for guests to book to a maximum of 2 weeks. Most people, however, are tourists and so they only stay for a few days anyways. So, I've really had no issues.
@Victor So I see. And as far as getting a good idea of what you can charge per night for your room, Would you suggest I look at or research anything outside of looking at similar rooms that are listed in the area on AirBnB?
The only other site I use is VRBO. But pretty much, you can get a grasp as to what you should charge just from listings on airbnb.
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