Chicago's Premier AirBnB Management Company http://domainhsm.com Chicago's Premier Short Term Rental Management Company Mon, 04 Feb 2019 21:27:25 +0000 en-US hourly 1 https://wordpress.org/?v=5.0.3 http://domainhsm.com/wp-content/uploads/2019/01/favicon_symbol.png Chicago's Premier AirBnB Management Company http://domainhsm.com 32 32 Should I Rent My Property as a Short Term or Yearly Rental? http://domainhsm.com/index.php/2019/01/22/should-i-rent-my-property-as-a-short-term-or-yearly-rental/ http://domainhsm.com/index.php/2019/01/22/should-i-rent-my-property-as-a-short-term-or-yearly-rental/#respond Tue, 22 Jan 2019 03:18:30 +0000 http://domainhsm.com/?p=20816 There’s a huge shift happening in real estate. Investment property owners now have to consider whether to rent their property as a short-term rental or yearly rental. According to VRM Intel in 2017 24% of investment property owners rented their property as a short-term rental. In 2018 that number jumped 8% to 35% and is expected to grow 12% in 2019.

According to AirDNA Chicago’s short-term rental market is growing annually by 28% with 7,249 active listings in Chicago as of this writhing. Property owners can make more than 50% with short-term rentals rather than yearly rentals.

While renting a property as a short-term rental can make you a lot of money there are many things to consider before renting a property as a short-term rental. Chief among them…

  • How are you planning to manage the property?
  • Are you prepared to manage the property like a boutique hotel?
  • Are you ready to field hundreds of inquires a day in a near immediate return?
  • Have you reviewed market analytics in your neighborhood to determine the best nightly rate?
  • Do you know what your average accommodation rate is?
  • Are you up to speed on Chicago’s regulations on short-term rentals?

To best position your success in short term rentals we strongly encourage choosing a professional property management company to manage on the meticulous details to be highly successful as a short term rental. Our all-inclusive rate of 25% is the best in the city, just sayin.

Bottom line, if you choose the right property management company to leverage the property and maximize nightly rates and bookings it’s a no brainer.

Here are some additional things to consider:

  • Less Wear and Tear.
    • The average accommodation rate in Chicago is 52%. Meaning the use of your property is 48% less than yearly rentals so there’s less wear and tear on the property.
  • You’ll Pay Utilities
    • With a short-term rental you’ll be paying the utilities rather than a yearly rental tenant paying utilities.
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How Can Chicago’s Shared Housing Ordinance Effect You? http://domainhsm.com/index.php/2018/11/22/how-can-chicagos-shared-housing-ordinance-effect-you/ Thu, 22 Nov 2018 03:09:02 +0000 http://domainhsm.com/?p=20813 The regulatory landscape is fluid and may rapidly change due to passionate interest on all sides. The Chicago City Council is currently considering additional regulation for short term rentals. It’s our strong opinion that working with a home sharing property management company is the surest way to be in regulatory compliance and avoid needless and very expensive fines.

The short term rental market in Chicago, and elsewhere, is in the regulatory crosshairs as many hotels are pushing for regulations to even the playing field as well as condo boards and landlords complaining short term rentals were turning buildings into unwelcome hotels.

In June 2016 the City Council passed the Shared Housing Ordinance. The ordinance took full effect August 2017 and now may require a landlord to register with the City of Chicago.

In essence…

If you use an online platform such as AirBnB you’ll need to register and collect hotel accommodation taxes and pay the city. Of course, Domain Homesharing Management handles the entire process for it’s clients.

If you do not use an online platform like AirBnB and only are renting one property then you do not need to register though finding bookings would be very difficult.

If you do not use an online platform like AirBnB and are renting more than one property then you will need to register and pay the city hotel accommodation taxes.

For more detailed information visit Chicago’s Shared Housing and Accommodations Licensing page.

We’re here for any questions, just ask.

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