Airbnb rents seem to be bouncing back in Chicago! $25,541 YTD

Airbnb rents seem to be bouncing back in Chicago! $25,541 YTD

Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes

See below photo. August is looking to be our best month. We definitely noticed a slump vs last year earlier in spring and each month since it has been picking back up. This is a 2/1 in Avondale that is nicely rehabbed. Up to July 1 we made $25,541 breaks down to $3648 a month. The unit would normally rent in the $1850 range. The chart does not subtract cleaning fees which run roughly $500 a month on average, still netting +$1300 a month over LTR. Airbnb in Avondale is proving highly profitable option. 

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  • Jonathan KlemmBusiness Member
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    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    3y

    Hey @Henry Lazerow - Our Chicago Airbnb in logan square is on the up and up as well this year.  I am checking with our internal pm to see what we are at YTD and will share.

    I did notice that the city is now requiring bank statement with the actual address not the address you are living in (if you were doing a 2 unit househack) which is new this year.  Also no utility bills....has to be bank statements.

    This will continue to contract the market boosting still available airbnbs.

  • Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
    3y

    Yes, agree that will for sure reduce supply and bring airbnb rents higher. I advised several of my clients they need a bank account could be any free online account with unit number on it now and to get it ready in advance for when the renewal comes up. 

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