The development and expansion of the downtown area, especially the New Eastside has provided a mecca of condos and apartment living for those who enjoy city dwelling.
For others, these New Eastside skyscraper condos and townhomes are weekend retreats, a place in the city for suburbanites to get to the night life, shop, see a show, and step into the rhythm of the downtown beat.
Still, there are those who purchase a condo here with the plan to rent it out as a vacation property. Nice idea. What a great way to earn some extra “real estate income.” And, thanks to Ald. Reilly, there is a way to do it according to “the rules.”
As a resident in a New Eastside condo building, I have seen my share of people come and go. In the elevator. Out the elevator. The elevator goes up. The elevator comes down. Funny, some of these people I had never seen before. They didn’t know me, either. Neither could they find their way to the front door without directions…Hmmm. First timers, no doubt! Just passing through…
Enter, Ald. Brendan Reilly, who harnessed this “growing trend of a great idea” with practical, safe options for unit owners, residents who live in these condo buildings (your “365 neighbors” like me who call our condo unit our primary home), and temporary vacationing tenants, those delightful tourists that are just passing through to enjoy our magnificent city. It’s all good!
Come January 1, 2011, this new ordinance introduced by Ald. Reilly takes effect in our fair city. Owners have until then to file the appropriate papers to comply; a new business license condo owners must obtain if they are planning to rent out their property on a daily, or weekly basis to potential renters (Chicago loves to host visitors in our city).
This ordinance is beneficial for everyone. For one, it ensures the health and safety of the renter by requiring insurance and inspections. Regulatory options make condo living safe for established tenants while providing commercial opportunities for homeowners. Vacationers are presented with options other than hotel stay while visiting Chicago. How does a nice, cozy condo with a kitchen sound?
Mission accomplished, Ald. Reilly. Now unit owners can participate in an industry that brings large revenue dollars to our city while providing a valuable service to visiting tourists. I, for one, am glad this ordinance was passed.
Want to get a Vacation Rental License? Call the Chicago Department of Business Affairs, 312-74-GOBIZ (744-6249). Apply in person at the Department of Business Affairs & Consumer Protection, Business Assistance Center; 121 N. La Salle Street, City Hall–Room 800, Chicago, IL 60602. Visit the website by going here.
Hospitality? Oh, yeah, that’s us! Welcome to Chicago. We’re warm and friendly!