Short Term Rental Trends

Illinois Airbnbs & STRs

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Current Vacation Rental Performance in Illinois

Overview

The vacation rental market in Illinois, while part of the broader U.S. trends, has its own nuances and performance metrics.

Occupancy and Rates

  • Nationally, vacation rental occupancy has been declining due to increased supply outpacing demand growth. In Illinois, this trend is likely reflected, with overall U.S. calendar occupancy in August 2024 being 2% lower than in 2023 and 5% lower than in 2022.
  • However, there are indications that the late fall season is pacing better, with October and November occupancy rates expected to be ahead of last year's figures, suggesting a potential return to pre-pandemic trends.

Regional Performance

  • The Midwest region, which includes Illinois, has seen some of the more positive trends. For Q2 2024, the Midwest was one of the few regions pacing alongside or ahead of last year's occupancy rates, with a +6% increase in booking rates compared to the previous year.
  • This regional resilience could bode well for vacation rentals in Illinois, particularly in urban areas like Chicago and suburban regions.

Economic and Market Indicators

  • Illinois, particularly the Chicago metropolitan area, offers a strong local economy and population growth, which are positive indicators for vacation rental demand. Urban centers like Chicago attract higher foot traffic, while suburbs offer a more tranquil ambiance.
  • The state's diverse range of vacation rental options, including family-friendly accommodations, pet-friendly rentals, and unique stays like treehouse and lakehouse rentals, cater to various preferences and can help maintain consistent rental demand.

Marketing and Investment Strategies

  • Effective marketing, including a strong online presence and advertising, is crucial for maximizing visibility and bookings. Utilizing popular vacation rental platforms and offering special rates for specific dates can help fill the calendar during slower periods.
  • Collaborating with local businesses to offer discounts and information about local events can enhance the vacation experience and attract more guests.

In summary, while the vacation rental market in Illinois faces the same national challenges of supply outpacing demand, the region's economic stability, diverse rental options, and positive regional trends suggest opportunities for growth and optimization, especially as the market moves towards stabilizing supply and demand.

Current Airbnb & VRBO Trends by City

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FAQ

What does your pricing structure look like?
Our prices start at 10% of revenue. You can check out our pricing page for more information.
What types of vacation rental properties do you manage?
We manage a wide range of vacation rental properties, including single-family homes, condos, apartments, and luxury villas. Our services are tailored to meet the unique needs of each property type.
How do you handle guest support?
Our team provides 24/7 guest support, handling all inquiries, booking assistance, and any issues that may arise during a guest's stay. This ensures a seamless experience for your guests.
What is included in your damage waiver?
Our damage waiver provides $3,000 in coverage per booking, protecting you from accidental damages without the need for security deposits. This coverage is automatically included with every booking.
How does the payment process work?
We handle all aspects of the payment process, including processing payments, managing declined cards, and providing chargeback protection. Funds are deposited directly into your account, ensuring a smooth and secure transaction.
Can I still use my own booking website?
Absolutely! We offer a direct booking website service that allows you to showcase your property and accept bookings directly, bypassing the fees charged by major booking sites.
How do I get started with RedAwning?
Getting started is easy! Simply contact us for a free consultation, and our team will guide you through the onboarding process to ensure a smooth transition to our platform.
Why is RedAwning better than other property management companies?
RedAwning sets itself apart from other property management companies with a technology-driven, cost-effective approach that offers both full-service and partial management options, catering to vacation rental owners who value flexibility and control. Unlike competitors like Vacasa or AvantStay, which focus solely on full-service management with fees ranging from 25-50% of income, RedAwning provides a choice: comprehensive oversight including marketing, reservations, guest support, and maintenance, or a partial-service model emphasizing marketing and bookings across 50+ platforms like Airbnb, Vrbo, and Booking.com, potentially increasing bookings compared to narrower-channel options like Evolve. RedAwning's fees start at 10%. Having served the industry for 15 years, RedAwning combines experience with lower fees and rapid onboarding—listing properties in an afternoon—appealing to hosts who want efficiency without losing decision-making power, though it may not suit those needing extensive local support like Vacasa provides. Its scale (20,000+ properties across 10,000 destinations) and data-driven pricing give it an edge over Evolve’s simpler approach, making it a versatile choice for tech-savvy hosts seeking tailored management solutions.