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Short-Term Rental (STR) Regulations
In Chicago, IL, Short Term Rental (STR) regulations are governed by the city's Department of Business Affairs and Consumer Protection (BACP). Before investing in purchasing a property for short term rental in Chicago, an investor should be aware of the following regulations:
1. Licensing: All short term rental properties in Chicago must be licensed by the city. This includes obtaining a vacation rental license and a short term residential rental license.
2. Zoning regulations: Chicago has specific zoning regulations that dictate where short term rentals are allowed to operate. Investors should ensure that the property they are considering purchasing is located in a zone that permits short term rentals.
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