Having someone with experience on your side will certainly speed up the process. This is no easy task and extensive leg work is usually required. One of the Chicago airbnb condos Alex Cross owns and operates. Therefore, it is very important to locate properties that will not only give you some assurances that using your condo for Airbnb is okay, but to also work with the condo board before policies can change. The next step is to find the right property. ![]() And it is as simple as filling out a form to have a building added to this list.Ĭurrently, more than 2,200 buildings restrict owners from using their condos/units for Airbnb purposes, and violations can lead to fines ranging from $1,500 to $3,000 per offense. The City of Chicago Shared Housing Ordinance bans vacation rentals in buildings registered on the City’s House Share Prohibited Buildings List. The building’s HOA doesn’t even have to amend its bylaws to restrict Airbnb. The risk to the investor is that condo rules can change, especially if issues arise with short-term, vacation-type rentals in the building. ![]() In a Chicago high-rise, that answer is almost always “no.” But there are some exceptions if you are willing to dig into it or know where to look. “As with any investment property, the key to success is making the right purchase.”
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