Learn about the best places to Airbnb in Chicago in 2023! This article features expert tips for Airbnb investment and Airbnb data in Chicago.
Home > Resources > Airbnb Investment >
Learn about the best places to Airbnb in Chicago in 2023! This article features expert tips for Airbnb investment and Airbnb data in Chicago.
Key Takeaways
Chicago has one of the strongest and steadiest economic stability, making it a suitable city for real estate investment. Even during the pre-pandemic and re-opening of borders, this city’s tourism industry was consistently on an upward trend.
The Chicago government even noted an 86% increase in tourism in 2021, generating $1.3 billion in tourism tax revenue.
In fact, Airbnb also recently shared the high demand for accommodation due to big events happening across Chicago. They stated that more Airbnb hosts opened their doors to travelers and helped them earn extra income.
Are you looking to start a real estate investment in Chicago but don’t know where to start?
This article will guide you through! We’ll present the Airbnb dataset in Chicago, set expectations for Airbnb investment, and discover the top 10 cities nearby Chicago. Continue reading to learn more.
There are various reasons why property investors are eyeing property investments in Chicago. Apart from the city’s tourist attractions and iconic events, here are some of the major reasons why investing in an Airbnb in Chicago is ideal:
Chicago agent magazine revealed that this city is one of the top 10 cities for real estate investment in 2023. Over 50% of Chicago’s population are renters, which redirects to a strong rental market. Since it is also considered one of the most affordable metros, more renters are looking for housing opportunities.
Chicago is home to more than 390 major corporate headquarters and has the third-largest gross metropolitan product in the USA. Not to mention its 5 major professional sports teams and major universities! Because it offers bountiful job opportunities, Chicago is wrapped as a perfect package for property investors.
In comparison to other major cities in America, Chicago offers a relatively affordable cost of living. In fact, Forbes even ranked it as one of the best places to do business and leverage careers. Chicago’s high quality of life is one of the perks for both investors and residents alike!
Airbtics confirms that Airbnb is certainly profitable in Chicago. It’s good to note, however, that the level of profitability depends on your location and property type. Rental Arbitrage in Chicago is also a popular option for those who are on a limited budget!
According to Airbtics’ data, an Airbnb host can earn up to $109,551 annually for operating a 4-bedroom property in Chicago, Illinois. You can also anticipate a good GRY of 29.35%.
Source: Airbtics Dashboard
Chicago has almost 100 neighborhoods and suburbs, so it can be difficult to filter the best ones. Using Airbtics’ Discovery Tool, we discovered the nearby cities & best places to Airbnb in Chicago:
To operate an Airbnb in Chicago, hosts will have to register with their local city and obtain a Shared Housing Operator License (for more than 1 registration).
Getting a short-term rental permit from the local government of Indiana is required to operate an Airbnb. South Bend is located about 71 miles from Chicago (1 hour & 41 mins drive).
If you’re planning to start an Airbnb business in Milwaukee, the best part is that there are currently no Airbnb regulations. Milwaukee is about 83 miles from Chicago (1 hour & 28 mins drive).
St. Louis does not have any city ordinance about short-term regulations. It is located about 146 miles from Chicago (4 hours & 35 mins drive).
To operate an Airbnb in Indianapolis, it is required to get a short-term rental permit from the local government of Indiana. Indianapolis is situated 183 miles from Chicago (2 hours & 59 mins drive).
Green Bay is a city in Milwaukee so it follows no specific Airbnb regulations. Green Bay is located 183 miles from Chicago (3 hours &17 mins drive).
A short-term rental license is required prior to operating an Airbnb in Ann Arbor. Located Indianapolis is situated 196 miles from Chicago (3 hours & 49 mins drive).
Traverse City requires all Airbnb hosts to get a permit unless the property is located in a commercial zoning district. It’s also situated 223 miles from Chicago (5 hours & 6 mins drive).
All Airbnb hosts in Cincinnati must register their short-term rentals and obtain liability insurance. Cincinnati is located 250 miles from Chicago (4 hours & 40 mins drive).
To operate an Airbnb in Indianapolis, it is required to get a short-term rental permit from the local government of Indiana. Indianapolis is situated 183 miles from Chicago (2 hours & 59 mins drive).
Nearby cities in Chicago have several exciting property investment opportunities. There are other neighborhoods that can bring exceptional rental yields and annual revenue, so it’s best to explore them now! The best investment property in Chicago can be discovered in one click and the same goes for other profitable STR locations in the US.
Now that you have an overview of Airbnb Chicago dataset, take a look at Airbtics’ Airbnb profit calculator and stand out among the rest. It’s built to help you maximize profitability and find long-term profitable investments. Get ahead of your competitors now and look at other Chicago investment properties!
Cordoba| Airbnb Market Data & Overview | Spain Cordoba Airbnb Market Data & OverviewSpain Is it profitable to do Airbnb in Cordoba, Spain? What is …
McAlester, Oklahoma| Airbnb Market Data & Overview | USA McAlester, Oklahoma Airbnb Market Data & Overview USA Is it profitable to do Airbnb in McAlester, …
Table of Contents Add a header to begin generating the table of contents Is Airbnb legal in San Francisco? The answer is yes! San Francisco …
Hillsboro Beach, Florida| Airbnb Market Data & Overview | USA Hillsboro Beach, Florida Airbnb Market Data & Overview USA Is it profitable to do Airbnb …
Toronto’s population is growing fast, and with the housing crisis, property prices keep climbing, especially when more people want to buy than sell. This keeps …
Top 15 Property Managers in Tampa, United states Top 15 Property Managers in Tampa, United states Last updated on: 5th July, 2024 This list aims …
© 2024 Airbtics, LLC. All rights reserved. Airbtics is a trademark of Airbtics, LLC.
Shares
Get Access to our weekly data-driven airbnb report!