Champaign Illinois Vacation Rental Report
Success Stories & Vacation Rental Trends, Updated September 2022
Short-term rental trends are always changing, but there are a few things that have stayed consistent over the years. First and foremost, short-term rentals have become an increasingly popular option for vacationers looking to save money while enjoying a warm climate. This is especially true in Champaign, where short-term rental prices are some of the lowest in the nation. Additionally, short-term rental guests tend to be younger and more adventurous than typical vacationers. Thus, your Champaign home as a short-term rental can appeal to a wider range of travelers than other kinds of accommodations. Finally, short-terms rentals also provide advantages for homeowners who want to monetize their property through renting out their homes for extended periods of time. With these advantages in mind, it’s clear why short-term rentals continue to gain popularity in Champaign.
Successful Champaign short-term rental properties are those that have been well maintained and provide comfortable, affordable accommodations Many property owners are entering the short-term rental market because they need to monetize their property or make it more attractive to potential buyers. If you’re looking to capitalize on this trend, here are some tips for success: • Cleanliness and maintenance: Make sure your home is clean and well maintained before renting it out. Check all light bulbs, filters, and heating/cooling systems; replace as needed. Keep floors clean and free of clutter. Vacuum regularly and make sure trash cans are emptied regularly. Maintain a fresh, professional appearance with clean, uncluttered décor. Remove all unnecessary items from the home before renting out (newspapers, junk mail, etc.) • Size and layout: Choose a space that is easy to maintain and suit your needs (i.e., kitchen space is tight). Furnishings should be comfortable with enough space for guests to relax without feeling cramped. The living room should be welcoming without being too warm or too cold. • Pricing: Price your home appropriately; expect to charge a fair amount of money per night for your property to cover costs like utilities and upkeep. Be realistic about your expectations; charging a premium price will not necessarily translate into higher occupancy rates. • Location: Try to find
Positive vacation rental trends in Champaign, Illinois when you considering renting out your Champaign home as a short-term rental. There are a lot of things that you need to consider when renting out your residence to a guest - from preparing for potential issues to understanding the tax implications. Here are some of the most common issues that travelers have reported: Finding a clean space You’ll want to make sure that you thoroughly clean your rental before letting someone else stay in it. Make sure there are no lingering smells or dirt that shows up on their clothes or in their hair. Finding a place to park If you have more than one parking space, guests will have to get creative. Parking can be tricky in many cities, and if they don’t have a car they may end up having to park illegally or on the street. Prepping for bed bugs If you leave food out for your guests, insects can come into the house. Check all of the mattresses and box springs before letting them stay, and keep everything cleaned up after they leave so the next person doesn’t bring bugs home with them.
Note: These averages are based on a 2 bedroom home in Champaign. If you'd like to find out how much revenue your home could make by providing the number of bedrooms and specifics about your vacation rental, please try our free vacation rental calculator and/or speak with one of our vacation rental experts about your vacation home, condo or unique vacation rental experience.
If you are a speculative home buyer or have another home in Illinois, check out our other Illinois Vacation Rental Management reports in Alton, Aurora, Chicago, Evanston, Galena, Oak Park, Pontiac, Rockford, and Springfield, Illinois or view all of our vacation rental market reports