Short-term and mid-term rentals
Short-Term Rental Investing in Chicagoland
Dorazio Real Estate helps investors buy and set up furnished rentals, from nightly Airbnb stays to monthly stays for traveling nurses. Our team runs short-term rental partnerships in several markets and has converted Chicago apartments into furnished mid-term rentals.
Photo: Curtis Adams, Pexels.
Why investors call us
Investors who run furnished rentals
Short-term rentals in several markets
Our managing broker owns short-term rentals in Nashville, Jacksonville, and El Paso. Our team also works with partners whose rentals appear on our furnished rentals page, including The Raven in Jacksonville, a former funeral home turned into 13 furnished apartments.
Mid-term rentals in Chicago
Our team has converted Chicago apartments into furnished rentals for monthly guests, many of them traveling nurses. The lessons below come from running those units.
Management under the same roof
Our sister company, BCG Real Estate Group, manages mid-term and long-term rentals in Chicago. See our property management page.
Pick the model
Short-term, mid-term, or long-term
Each model trades more income for more work.
Short-term stays
Nightly and weekly guests bring the most revenue and the most work: guest messages, bookings, cleaning between every stay, and more wear on the property. Cities regulate them the most, too.
Mid-term stays
Furnished rentals of about a month or longer sit in the middle on revenue and work. Traveling nurses drive much of the demand, so dense neighborhoods near hospitals work best. Our mid-term vacancy has run close to, or better than, our long-term units.
Long-term leases
A 12-month lease brings the least work and the lowest rent. You don't furnish the unit, and you can leave electricity and heat to the tenant.
Check before you buy
Chicago's short-term rental rules
Chicago requires an approved registration number for every shared housing unit rented for 31 days or fewer, and you need that number to list on a booking platform. A host approved for more than one unit also needs a Shared Housing Unit Operator License.
The city bars short-term rentals in buildings on its Prohibited Buildings List and in Restricted Residential Zones. Check the address against both before you write an offer. The city's shared housing page links to each list.
Many condo associations ban short-term rentals in their rules and allow rentals with a 30-day minimum, which fits a mid-term plan. Outside the city, check with the village before you buy, since each suburb writes its own rules.
Lessons from our units
Setting up a mid-term rental
Allow pets
Most of our mid-term guests bring a dog or a cat. Charge a non-refundable pet fee and a monthly pet fee, since you'll pay for it in cleaning.
Buy durable furniture
Cheap beds and couches cost more over time. Each piece has to last through many guests.
Deep clean between guests
Guests expect a spotless unit. Train your cleaning team on that standard before the first guest arrives.
Get the internet right
Every unit needs strong internet, and outages turn into a stream of calls. One bill across several units in a building saves money.
Screen every guest
Furnished Finder offers background and credit checks. If the guest is a nurse, the travel contract shows how steady the income is.
Invest in photos
Our units with good updates and sharp photos get four to five times more requests than the rest. Guests ask for floor plans often, and we make 2D and 3D floor plans.
Underwriting a rental
Run the numbers before you buy
Model the same unit three ways: nightly, monthly, and on a 12-month lease. Furnished rentals earn more rent and cost more to run, since utilities, internet, furniture, cleaning, and some vacancy come out of your pocket.
For a 2-4 flat, our multifamily investment analysis covers income, expenses, and financing in one report. Our multifamily and investment property page covers what to check in the building. Buying a storefront building or a fixer? See mixed-use property and fix and flip.
Questions investors ask
Short-term rental questions
Do I need a license to run an Airbnb in Chicago?
You need an approved shared housing registration number for any unit rented for 31 days or fewer. A host with more than one registered unit also needs a Shared Housing Unit Operator License.
Can I rent out my condo on Airbnb?
Check the association's rules and the city's lists first. Many associations ban short-term rentals and allow rentals with a 30-day minimum. Read the declaration and the rules before you buy.
What is a mid-term rental?
A furnished rental for stays of about a month or longer, often for traveling nurses and other workers on temporary assignments. Sites like Furnished Finder match these guests with landlords.
Can I use a VA or FHA loan to buy a rental?
Both loans require you to live in the property. Some buyers live in one unit of a 2-4 flat and rent the others. Ask your lender how it counts income from furnished rentals before you plan around it.
Can you manage my furnished rental?
Our sister company, BCG Real Estate Group, manages mid-term and long-term rentals in Chicago. See our property management page.
Start with a conversation
Bring us the rental you're considering
Send the listing or the address. We'll talk through the city's rules, the building's rules, and whether nightly, monthly, or yearly rent makes the numbers work.
Or send a note through our contact page.