It’s no secret that Chicago is one of the most unique cities in the world in terms of what its different neighborhoods have to offer. As the popularity of Airbnb and other short term rental platforms continues to grow in Chicago, more and more people get to live like a local and truly experience everything the city has to offer. While every Chicago neighborhood has its own character and charm, there are a few areas where a large number of visitors consistently look to book. Given the high demand, many of the top properties in some of these neighborhoods can generate more than even a five star hotel room if everything is set up and optimized. Here is our overview of the top Chicago neighborhoods for Airbnb.
Right in the heart of the action is where so many tourists and business travelers want to be. There’s no shortage of restaurants, entertainment, and shopping to keep people busy for a day or a week. The high price of hotels contributes to some of the highest average revenue per Airbnb host out of any Chicago neighborhood. Demand continues to outpace supply, especially during peak season where the nightly rates get high starting in the late spring and sustain themselves into the late fall.
Known for its luxury shopping, upscale dining, and lively nightlife, River North is where so many locals want to live and so many tourists want to visit. As the neighborhood continues to grow, it’s become home base for several major companies and a regional office for others. While there is tons of income potential, some of the nicest Airbnb listings in Chicago are located here. There are plenty of price insensitive guests coming to this part of the city, so set your listing up for guests who want a high end experience and your revenue will reflect that quickly.
Near West Side
One of the most diverse areas of the city has so many reasons to visit and an ever increasing demand for accommodation. Little Italy, Greektown, the Medical District, University Village, and the United Center bring people of all walks of life to the Near West Side. Underserved by both traditional hotels and short term rentals, hosts have always done well in the summer but only recently has the non-peak season seen such consistent occupancy. The top hosts here are taking advantage of the supply shortage and doing very well for themselves.
As one of the most populated areas of Chicago, the Lakeview area has one of the highest number of active Airbnb listings in the city. Located right by the water and home to both Wrigley Field and the city’s theatre district, Airbnb is allowing more people to stay comfortably in a neighborhood that doesn’t have the quantity or quality of hotels that you’ll find closer to the city center. The peak season especially is breaking records year over year and it doesn’t look like there’s a stop in sight.
If your property isn’t located in any of these parts of the city don’t get discouraged as this list is meant to highlight areas where the demand for short term rentals has recently increased significantly. There are many great neighborhoods we didn’t include and its important to note that Chicago’s top hosts are scattered in different parts of the city, so a high level of performance can happen anywhere.