Ordinance Threatens Chicago Vacation Rentals
(Medill Reports) — Owners of vacation rental properties in Chicago may face a heavy financial burden if a proposed ordinance proposed by Ald. Brendan Reilly of the 42nd Ward is passed. The vacation rental ordinance, now in its 26th version, would require vacation rental operators to pay a $500 licensing fee per unit. Further restrictions include allowing a maximum of six owners in any condominium building to rent units. Should seven or more operators want to rent units in one building, they must obtain a hotel license – an expensive and lengthy process that requires owners to charge not just the Illinois hotel tax of11.9 percent, but also the City of Chicago hotel tax of 3.1 percent.
