If you're eyeing up investing in a property in Chicago, IL, there are some key things to consider before you decide to buy. As well as being known for its deep-dish pizza and world-renowned architecture, Chicago is also becoming a hub for innovation and startups, making it a popular destination for young professionals.
Before taking the plunge though, it's important to become familiar with all aspects of buying an investment property, most importantly your potential revenue and the average costs. Consider exploring rental arbritrage opportunities in Chicago as well; earn the profits of hosting Short term rentals without even purchasing a property.
Pros and Cons of investing in an Airbnb property
Buying an Airbnb property has been the talk of real estate investments lately, as it can turn a short-term rental into a profitable venture. However, there are pros and cons to owning an Airbnb property that one must consider before making such an investment. There is always the risk associated with traditional real estate investments that also come with purchasing an Airbnb rental, like how much you can expect to make from it and how to determine if it will be in a profitable location.
It's also important to remember that running an Airbnb requires more ongoing attention than your typical piece of real estate; after all, the demand for short-term rentals fluctuates more based on seasonality, so you'll have to stay on top of your marketing strategies, reviews and other logistics in order to make the most out of it. Ultimately, research and analytics prior to your investment will be what gets you ahead in your profitabilty as an Airbnb Host.
What to consider when investing in an Airbnb in Chicago, IL
|Average Monthly Revenue||$2,941|
|Nightly Rate (1 Bed,1 Bath)||$198|
|Highest Earning Month||July|
|Lowest Earning Month||January|
Chicago is quickly emerging as one of the more desirable places to places to invest in short-term rental property or rental arbritrage. Not only is Chicago home to tons of exciting leisure activities and popular landmarks like the Willis Tower and Navy Pier, but it also boasts a vibrant food scene. In fact, its clear that Chicago is a desirable tourist destination, toursits come to the city to the tune of about 60 million tourists annually. These qualities makes Chicago an ideal site for investors who are looking to make some passive income through either rental arbritage or a traditional short term rental investment .