Who's Doing Mid Term Rentals in Chicago?

Question

Hi! I have an 11-unit apartment currently being used as an LTR in South Chicago and would love to know if anybody could help me determine the best way to advertise this to rent it out Midterm and what I could expect to get for rent. A couple of the units are vacant, so I'll be renovating them before listing them as an MTR. I have 10+ years of experience in the LTR space, but Midterm is newer to me. Thanks in advance for any advice!

Jamie Banks · Answer

I don’t operate in Chicago but it’s been a market that I’m looking into.

Having an 11 unit is a huge value add. My approach has been to provide my MTRs as a solution to companies who need housing. To find the rates you could potentially get look at comparable properties on Furnished Finder, Airbnb, and Zillow (click the furnished option)

Jonathan Klemm · Answer

Hey there @Porsha Fross - We have a mid-term rental and it's done pretty decent - the returns are not ridiculously higher, but they are better maybe 15% on average.  Our condo is just south of the south loop in Chicago.

There are two main ways I have typically seen people advertise....1. On AirBnB for over 31+ days 2. Furnished Finder (for travel nurses and professionals).  All of our stays come through furnished finder.

I'd start by searching furnished finder to see what demand looks like in that south Chicago area and what other competitors are doing.  That will likely dictate your level of finishes and furnishings for your units.