One of the best places to live in the world (most of the year), Chicago short term rental hosts made more than $80,000,000 in 2018 alone, with a total economic impact on their communities at a rate of more than $374,000,000.
Vacationers spend money. The buy experiences, services, coffee & more.
On average, a short term rental vacationer spends just over $254 per visit to the Windy City, and generated more than $154 Million in direct consumer spending in 2018 alone.
The city of Chicago has implemented registration numbers, taxation and plans for maintaining short term rental quality.
Recently, Chicago became one of the first cities to adopt an Airbnb tax, a 4.5% tax issued in response to the hotel industry. Why this should be music to the ears of hosts everywhere is the simple fact that cities love new revenue. Chicago is taxing short term rentals, that means they’re not going anywhere.