Admin

Nothing Short Term About Renting in Downtown Chicago

By
Real Estate Agent with REMAX Signature - Chicago

 

Downtown Chicago Alderman Brendan Reilly is pushing to limit short term "vacation rentals" in condominium buildings in the city. From Crain's Chicago, "Under the measure proposed by aldermen Brendan Reilly (42nd) and Edward Burke (14th), condo owners who want to rent out their units for short vacation stays would be subject to licensing fees, inspections and taxes" The above picture is something that the new legislation aims to reduce or eliminate. Short term rentals are defined by the proposed law as two to five days. From Greg Hinz's Crain's Blog, Reilly had these comments, "In many cases, these units are never owner-occupied but become party pads," Mr. Reilly said. "Older residents are concerned about safety. . . .People see strangers in the elevator." I am in agreement with the new proposal. I don't feel like the building's maintenance and door staff should have to take the time to 'check in' a guest and answer questions about what elevators go where and where they can or cannot park their car temporarily.

 

 

Also, let me be clear and say that living in Marina City downtown, I don't mind helping guests or relatives of family that might be staying in the building. Conversely, I don't want to be the unpaid concierge for 'guests' that will only be here a couple of days. I think that most people would agree that these guests also would not care for the building as well as a conventional tenant or owner would. I would love to hear what you have to say.