July 12, 2019 Comments (0) Views: 646 Chicago News, Top Chicago

Chicago Sees Boom in Short-Term Rentals

Chicago is among the major U.S. cities experiencing a boom in short-term rentals, says Cushman & Wakefield. According to AirDNA, there are over 7,500 short-term rental units currently on homeshare platforms across the city.

In a national report on this growing niche sector, Cushman & Wakefield notes that short-term rental concepts such as Stay Alfred, Lyric and Sonder already provide over 300 units for Chicago visitors. In fact, Chicago is the number one destination request for Stay Alfred, for families traveling on vacation and business travelers alike.

Corporate short-term rentals have also grown in prevalence, with firms like Oakwood and Onni Group scaling corporate housing operations to full floors of newly-delivered downtown Class A apartments.

“What began as small-time owners sharing space in their homes has morphed into a global industry where Airbnb alone is worth an estimated $31 billion,” said Susan Tjarksen, Cushman & Wakefield managing director.

Pictured: A Stay Alfred facility in Chicago

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