Rusty Payton, Real Estate Pro in Chicago, IL

Have you worked with clients who want to convert properties to B&Bs or vacation rentals? Vacation rentals must now be licensed in Chicago.

Asked by Rusty Payton, Chicago, IL Tue Oct 30, 2012

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5
I have one client who is searching in a particular area to either convert or build new vacation rental properties. The major issues we have run into when performing the feasability ananlysis are;
parking, the number of kitchens or one group kitchen, Single Room Occupancy codes (SRO).

Based on the issues we have run into I recommend looking at properties on oversized lots OR trying to build new on 2 lots joined. The manner in which guests are to use the facility needs to be determined in order to follow the proper codes. If you have some sites in mind and you need a feasability study, feel free to contact me. As an architect, I have the tools to help you. Good Luck!
Naaman
1 vote Thank Flag Link Wed Oct 31, 2012
Rusty,

I haven't, but many condo associations have policies against short term rentals.

Best of luck,
Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Wed Oct 31, 2012
I am working with a client now who is considering this possibility...there are a lot of hurdles to jump, one of them being the city of Chicago license. The other major hurdle here is that a lot of associations require that there be a min of 12 months for a lease and owners don't necessarily want their buildings turned in to "hotels". I understand the concept and know that part of the reason my client would prefer this option is so that they can also enjoy the unit when they want to instead of signing a typical lease agreement where they don't have the ability to stay for a weekend.
0 votes Thank Flag Link Wed Oct 31, 2012
I haven worked with too many of these, but know of people who have had them. Some have seen success and other have not.
0 votes Thank Flag Link Tue Oct 30, 2012
Not sure why you replied. Not a very helpful response. Focus on quality not volume perhaps.
Flag Tue Oct 30, 2012
There is a pretty large supply of vacation rentals in the downtown area. Does not sound very exciting to me.
0 votes Thank Flag Link Tue Oct 30, 2012
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