Chicago Real Estate

Help to the Hospitality Industry Continues

As we are still currently within the midst of a pandemic, the hospitality industry is on the top of the list those felt the harshest effects of COVID-19’s wrath thus far.  With Chicago being home to an abundant amount of restaurants, bars, hotels, and more- there has been ongoing and continuous initiatives to help these businesses as much as possible.  Especially, the smaller and family owned businesses.

 One big push made recently by Mayor Lori Lightfoot will be geared towards bringing more traffic to the Chicagoland hotels.  This plan will ultimately lower the options available of single-night rental stays.  Ultimately, heavily weigh down on companies like Airbnb, VRBO, and many more.  Chicago is a huge market for these businesses.  Hosting large events like Lollapalooza, The Taste of Chicago, and much more- these staple point events and times of year brings in an abundance of short-term one night rentals for attendees.  The mindful intent of this recent idea is to bring more business to struggling hotels. 

Chicago hotel tenancy was at a record low of around 36.6% as of mid-July.

The leading outcome of this regulation is that property providers now must obtain a license before they open their property for rental to the public.  Any violations against this rule can result in permanent termination of single night rentals for the host.  It’s important to be mindful of the current state of the world we live in.  Larger cities, like Chicago, must always take into consideration the fact that big-name players and companies can’t always take charge in leading their specific lane with the benefits that come along with it.  Enacted orders such as this one that is now in place will aid the smaller scale networks.  Thus, leaving the playing field with a lot more opportunities even than it previous was.