AIRBNB eligible properties

[Monica3206]

Hi!  We would like to explore buying an apartment/condo that we would occupy (perhaps) 2 weeks out of the year and offer for rent for the 50ish weeks when we are not occupying.  Our target area is a 20 minute radius around Oak Brook, IL.

I know that many/most condo associations do NOT allow AIRBNB rentals.   Are there resources which detail which buildings or associations support the AIRBNB market?  We would prefer to not buy a single family detached home, due to the extra maintenance and weather-related challenges.  How do we find properties FOR SALE that are AIRBNB eligible?

Thank you!  Monica  **

**[Contact details removed for privacy reasons in line with the Community Center Guidelines]

[Rebecca]

Thanks so much for your question @Monica3206. Have you done any searches locally for people that are already doing this? It might be an idea to see if this is something offered in your area and connecting with those people. 

[Monica3206]

Thanks for the idea, @Rebecca!

[Rebecca]

You're very welcome @Monica3206. Did you have a look around and find something suitable? 

[Monica3206]

No @Rebecca - have not yet looked around.

[Helen3]

Reach out to estate agents in the location that sell the sort of properties you want to buy . Tell them about why you want to buy.

it would be your responsibility to check the HOA allows STRs . Even if they do it won't mean that restrictions might not be introduced after you buy.'

also check with the local government for the area to see if there are any STR restrictions.

personally I would rather buy a house even with more potential maintenance.

[Monica3206]

Thanks @Helen3 . I am a licensed broker but currently have my license in the referral network after moving from Chicago to SoCal. Few associations in my targeted marketplace allow rentals - at all!  Was hoping to get intel on some buildings that might target and specialize in the AIRBNB market.  I have checked with a dozen of my real estate contemporaries.  So far, no luck!

Monica

[Frances3408]

@Monica3206 . i'd be careful that even if you do find a building where the rules (called strata here) do permit STR or worse, say nothing because they havent been updated in decades, it can change.

Local real estate agents who have sold multiple units in a complex are your best bet for finding out what the rules might be as often they are sold to investors who have done their due diligence, plus they want a sale commission.

Also, the STR laws may instigate caps on rented nights. The plethora of illegal listings has lead to a ground swell against STR in apartments especially, leading to stricter and stricter STR laws worldwide.

I agree with @Helen3 . Despite the extra maintenance, choosing a place where you have more say in how its rented is a top investment priority for me.

just my 2 cents. Good luck. 🙂