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Chicago, IL Investment Data and Rental Metrics
Investment Data & Rental Metrics
LTR & STR financial performance, market growth indicators, and school ratings.
LTR Financial Performance
Median Price
LTR Rent
$2,213
Monthly Cash Flow
-$46
Principal + Equity
$1,146
Annual Total Gain
$13,201
Cash on Cash
-0.7%
Net ROI %
STR Financial Performance
Median Price
Avg. Daily Rate
$213
Occupancy Rate
69.57%
Monthly Revenue
$3,433
Monthly Cash Flow
$659
Principal + Equity
$1,146
Annual Total Gain
$21,656
Cash on Cash %
10.14%
Net ROI %
Market Health & Growth
Median Income
$75,134
Population
2,707,648
LTR Renter %
54.46%
Forecast (1 yr)
1.47%
Appreciation (1 yr)
1.46%
Appreciation (5 yr)
17.76%
Appreciation (10 yr)
40.86%
Job Growth
0.11%
LTR Rentability
Low
STR Demand
68
STR Rentals
8,282
Top Public Schools
APayton College Preparatory High School
ANorthside College Preparatory High School
A
A
A
Market Grades and Information
Best Places to Live Ranking
Public school quality, cost of living, commute, and lifestyle ratings.
B
Overall
Top-level market grade
Most Diverse Cities in America
#10out of 229 markets
Best Cities for Outdoor Activities in America
#43out of 229 markets
Best Cities for Young Professionals in America
#22out of 229 markets
C
Public School
D
Crime And Safety
C-
Housing
A
Nightlife
B
Good For Families
Diversity
Jobs
Weather
Cost Of Living
Health And Fitness
Outdoor Activities
Commute
Short-Term Rental (STR) Regulations
Local rules and guidelines for operating short-term rentals in Chicago, IL.
In Chicago, IL, Short Term Rental (STR) regulations are governed by the city's Department of Business Affairs and Consumer Protection (BACP). Here are some key regulations that an investor should be aware of before purchasing a property for short term rental in Chicago:
1. Licensing: All short term rental hosts in Chicago are required to obtain a license from the BACP in order to operate legally. This license must be renewed annually and hosts must comply with all licensing requirements.
2. Zoning regulations: Chicago has specific zoning regulations that dictate where short term rentals are allowed to operate. It is important for investors to ensure that the property they are considering purchasing is located in a zone that permits short term rentals.
3. Limitations on rental duration: In Chicago, short term rentals are limited to a maximum of 90 days per year if the host is not present on the property. If the host is present, there is no limit on the number of days the property can be rented out.
4. Taxes: Short term rental hosts in Chicago are required to collect and remit hotel accommodation taxes, which are currently set at 17.4% of the rental rate. Failure to comply with tax regulations can result in penalties and fines.
5. Building code compliance: Short term rental properties in Chicago must comply with all relevant building codes and safety regulations. Investors should ensure that the property they are considering purchasing meets these requirements.
6. Noise and nuisance regulations: Chicago has strict regulations regarding noise and nuisance complaints related to short term rentals. Hosts are responsible for ensuring that their guests comply with these regulations.
7. Insurance requirements: Short term rental hosts in Chicago are required to carry liability insurance to cover any potential damages or injuries that may occur on the property during a rental period.
Overall, investors should thoroughly research and understand the regulations and requirements for short term rentals in Chicago before purchasing a property for this purpose. Failure to comply with these regulations can result in fines, penalties, and legal issues that can impact the profitability of the investment.
Market Trends Over Time
Explore 25 years of market data for Chicago, IL, including median property prices, long-term rental rates, and days on market — identify growth potential and gauge market stability.
Median Price
Median Rent
Days on Market
Nearest Markets
Explore nearby investment markets close to Chicago, IL.
The LTR Genie Score of Chicago, IL is 56, indicating a moderate level of rentability for long-term rental properties. This is likely influenced by the low LTR Rentability and modest LTR Rent Growth Rate of 0.0376%. On the other hand, the STR Genie Score is 84, signifying a high level of rentability for short-term rental properties. This is supported by the strong STR Net ROI of 27.76% and high STR Occupancy rate of 69.57.
Chicago, IL is a diverse and vibrant city known for its rich culture, world-class dining, and iconic architecture. The city offers a mix of neighborhoods with varying property values and rental demand, making it a dynamic market for real estate investors to consider.
Based on the metrics provided, Chicago, IL appears to be more attractive for short-term rental investment due to the high STR Genie Score and strong metrics such as STR Net ROI and occupancy rate. However, investors should also consider the 1-Year Price Appreciation Forecast of 1.47% for potential long-term growth in property values. Ultimately, a diversified investment strategy that includes both long-term and short-term rental properties could be beneficial in this market.
