Evanston Illinois Vacation Rental Report
Success Stories & Vacation Rental Trends, Updated October 2022
When renting out your Evanston, Illinois home as a vacation rental, you can expect to see a higher demand. The area is close to Chicago, making it an attractive destination for families looking to escape the city and enjoy the outdoors. There are also plenty of parks and recreational areas nearby, meaning there is plenty of room for kids to play. There are also plenty of restaurants, bars, and shops in the area. Evanston has also recently seen an increase in small-scale apartment construction. This means that there is more competition for rentals than there has been in the past. However, this has also helped to drive up prices, making them more affordable for other people looking to rent apartments.
Positive vacation rental trends in Evanston, Illinois when you consider renting out your Evanston home as a short-term rental There are several positive trends that are helping to drive short-term rental demand in Evanston, Illinois. These include: long-term housing shortages and a growing population of millennials who are looking for affordable options. Many of these factors are also contributing to the rise of vacation rentals in Evanston. This includes the increasing number of tourists who visit the area each year. As a result, there is a shortage of hotels and other lodging options in the area. Another factor is the rise in the number of millennials who are looking for affordable housing options. These young adults are more likely to choose to spend their hard-earned money on a vacation instead of buying a house or condo. They may also be willing to rent out their home while they’re away and make some extra money along the way. This trend could continue to grow in Evanston, Illinois as more millennials decide to move here and as tourism continues to rise.
There is a lot to love about renting out your Evanston home as an Airbnb or VRBO guest. The biggest benefit of short-term rental is that it can be a great way to increase your income. And, if you aren't comfortable handling guests and cleaning up after them, then a short-term rental might not be for you. Positive Evanston vacation rental trends include: Even though short-term rentals are still new in Evanston, there has been a lot of positive press and success stories from hosts renting out their homes. With the growing popularity of short-term rentals, more hosts are seeing the benefit of renting out their homes and sharing their community with visitors from all over the world.
Note: These averages are based on a 2 bedroom home in Evanston. 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, Champaign, Chicago, Galena, Oak Park, Pontiac, Rockford, and Springfield, Illinois or view all of our vacation rental market reports