{"id":20149,"date":"2022-07-25T17:23:28","date_gmt":"2022-07-25T17:23:28","guid":{"rendered":"https:\/\/www.fultongrace.com\/blog\/?p=20149"},"modified":"2022-07-25T17:23:28","modified_gmt":"2022-07-25T17:23:28","slug":"411-on-airbnb-rentals-if-youre-a-chicago-homeowner","status":"publish","type":"post","link":"https:\/\/www.fultongrace.com\/blog\/411-on-airbnb-rentals-if-youre-a-chicago-homeowner\/","title":{"rendered":"411 on Airbnb Rentals If You\u2019re a Chicago Homeowner"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In 2018, Chicago Airbnb hosts earned more than $77 million in income. The same year, our city saw <\/span><a href=\"https:\/\/www.chicagotribune.com\/travel\/ct-trav-chicago-tourism-record-numbers-2018-0111-story.html\"><span style=\"font-weight: 400;\">58 million visitors<\/span><\/a><span style=\"font-weight: 400;\">. It\u2019s not too late to join in the Chicago Airbnb game, but there are some things you\u2019ll need to know!<\/span><\/p>\n<p><!--more--><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The annual license fee to offer your home as a <\/span><a href=\"https:\/\/www.airbnb.com\/help\/article\/861\/chicago-il\"><span style=\"font-weight: 400;\">shared housing rental property<\/span><\/a><span style=\"font-weight: 400;\"> is $125, and registration information has to be submitted to the city.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vacation rental properties must also be licensed, with an annual licensing fee of <\/span><a href=\"https:\/\/www.domu.com\/blog\/airbnb-chicago-laws\"><span style=\"font-weight: 400;\">$500<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You can expect to pay 10.5% of the gross rental or leasing charge in taxes\u2013 meaning you&#8217;ll pay the taxes on the listing price + any cleaning fee. This is broken down as a 4.5% Hotel Accommodations Tax, 4% Shared Housing Surcharge, and 2% Domestic Violence Surcharge.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You\u2019ll need to purchase homeowners&#8217; fire, hazard, liability insurance, and general commercial liability insurance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Some areas have a <\/span><a href=\"https:\/\/news.wttw.com\/2021\/06\/01\/new-rules-chicagos-home-sharing-industry-set-kick\"><span style=\"font-weight: 400;\">ban on home sharing<\/span><\/a><span style=\"font-weight: 400;\">, including the Southwest Side Ward and several areas in the 11th Ward and 23rd Ward.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In an effort to reduce disruptive house parties, Chicago has a ban on one-night home sharing. You\u2019ll need to set a minimum stay of at least 2 nights.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Before renting any spaces, they\u2019ll need to be inspected by someone from the city of Chicago Department of Buildings.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The full, 38-page ordinance on home sharing in Chicago can be found <\/span><a href=\"https:\/\/www.chicago.gov\/content\/dam\/city\/depts\/bacp\/Small%20Business%20Center\/sharedhousingordinanceamendments.pdf\"><span style=\"font-weight: 400;\">HERE<\/span><\/a><span style=\"font-weight: 400;\">. Sure, it\u2019s a lot to read, but penalties for not following the ordinance begin at $1,000 and can go up to $10,000. You can\u2019t afford not to follow the laws!\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img data-attachment-id=\"20150\" data-permalink=\"https:\/\/www.fultongrace.com\/blog\/411-on-airbnb-rentals-if-youre-a-chicago-homeowner\/6034a432b17fe79b2b0ab8cf5e6a09fe\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.fultongrace.com\/blog\/wp-content\/uploads\/2022\/07\/6034a432b17fe79b2b0ab8cf5e6a09fe.jpg?fit=736%2C981&amp;ssl=1\" data-orig-size=\"736,981\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"6034a432b17fe79b2b0ab8cf5e6a09fe\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.fultongrace.com\/blog\/wp-content\/uploads\/2022\/07\/6034a432b17fe79b2b0ab8cf5e6a09fe.jpg?fit=225%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.fultongrace.com\/blog\/wp-content\/uploads\/2022\/07\/6034a432b17fe79b2b0ab8cf5e6a09fe.jpg?fit=634%2C845&amp;ssl=1\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-20150\" src=\"https:\/\/i0.wp.com\/www.fultongrace.com\/blog\/wp-content\/uploads\/2022\/07\/6034a432b17fe79b2b0ab8cf5e6a09fe.jpg?resize=634%2C845&#038;ssl=1\" alt=\"\" width=\"634\" height=\"845\" srcset=\"https:\/\/i0.wp.com\/www.fultongrace.com\/blog\/wp-content\/uploads\/2022\/07\/6034a432b17fe79b2b0ab8cf5e6a09fe.jpg?w=736&amp;ssl=1 736w, https:\/\/i0.wp.com\/www.fultongrace.com\/blog\/wp-content\/uploads\/2022\/07\/6034a432b17fe79b2b0ab8cf5e6a09fe.jpg?resize=225%2C300&amp;ssl=1 225w, https:\/\/i0.wp.com\/www.fultongrace.com\/blog\/wp-content\/uploads\/2022\/07\/6034a432b17fe79b2b0ab8cf5e6a09fe.jpg?resize=600%2C800&amp;ssl=1 600w, https:\/\/i0.wp.com\/www.fultongrace.com\/blog\/wp-content\/uploads\/2022\/07\/6034a432b17fe79b2b0ab8cf5e6a09fe.jpg?resize=300%2C400&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.fultongrace.com\/blog\/wp-content\/uploads\/2022\/07\/6034a432b17fe79b2b0ab8cf5e6a09fe.jpg?resize=150%2C200&amp;ssl=1 150w\" sizes=\"(max-width: 634px) 100vw, 634px\" data-recalc-dims=\"1\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re thinking about sharing your home through the Airbnb platform, make sure you stay updated on the latest regulations. Ready to purchase an investment property? Contact one of our agents to start the search today!<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>WHO IS <\/b><a href=\"https:\/\/www.fultongrace.com\/\"><b>FULTON GRACE<\/b><\/a><b>?<\/b><\/p>\n<p><b>We are one of Chicago\u2019s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy &amp; reputable <\/b><a href=\"https:\/\/www.fultongrace.com\/agents\/real-estate-chicago-il\/\"><b>local realtors<\/b><\/a><b>, seasoned <\/b><a href=\"https:\/\/www.fultongrace.com\/landlords\/chicago-property-management\/\"><b>property managers<\/b><\/a><b>, and customer-service-oriented staff. Whether you\u2019re looking to <\/b><a href=\"https:\/\/www.fultongrace.com\/houses-for-sale\/illinois\"><b>find a new home, sell your home<\/b><\/a><b>, or have your <\/b><a href=\"https:\/\/www.fultongrace.com\/landlords\/chicago-property-management\/\"><b>property managed<\/b><\/a><b>, let us be your trusted <\/b><a href=\"https:\/\/www.fultongrace.com\/about-us\/our-company\/\"><b>real estate advisors.<\/b><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2018, Chicago Airbnb hosts earned more than $77 million in income. The same year, our city saw 58 million visitors. It\u2019s not too late to join in the Chicago Airbnb game, but there are some things you\u2019ll need to know!<\/p>\n","protected":false},"author":99745542,"featured_media":20151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[1],"tags":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.fultongrace.com\/blog\/wp-content\/uploads\/2022\/07\/907cb696f960dad3ac867e1d9de6e401.jpg?fit=564%2C846&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbBC5T-5eZ","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/posts\/20149"}],"collection":[{"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/users\/99745542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/comments?post=20149"}],"version-history":[{"count":1,"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/posts\/20149\/revisions"}],"predecessor-version":[{"id":20152,"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/posts\/20149\/revisions\/20152"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/media\/20151"}],"wp:attachment":[{"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/media?parent=20149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/categories?post=20149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fultongrace.com\/blog\/wp-json\/wp\/v2\/tags?post=20149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}