Property Management

Where We Stand with Airbnb (And Similar Services) in Chicago

If you’re a condo owner in the City of Chicago, you may be wondering where things stand with Airbnb (and other similar services) and being able to rent out your condo for the short term.
In June of last year, the Chicago City Council passed a new short-term rental ordinance that increased taxes on short-term rentals to 21 percent, effectively imposing a 4% surcharge on short-term rentals on top of Chicago’s 17.4% hotel tax.
The ordinance also attempts to track rental hosts by requiring the housing platform to submit a list of the addresses of hosts in a particular ward. The new rule also includes a $60 yearly fee to add to the city’s funds for curtailing wild partying and illegal rentals.
These taxes effectively legalize short-term rentals in the City of Chicago, though owners should know that renting their condo is not a good idea for a variety of different reasons. Also, being legal in the city doesn’t mean much if your building’s HOA has outlawed short-term rentals.
The legality of short-term rentals in your particular neighborhood shouldn’t be taken for granted, though. Last year’s ordinance also gave Chicagoans the ability to vote against having short-term rentals in their individual precincts if they don’t want them. So far, no precincts have voted against short-term rentals, but the option is there.
If you’re a condo owner and you have questions about potentially renting out your unit, get in touch with us!

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