Chicago Short Term Rentals

Choosing the Perfect Location

When it comes to finding the perfect short-term apartment in Chicago, location is everything! Think about your daily routine and what matters most to you, as this will help narrow down your options.

Do you want to be close to work to avoid battling traffic or braving the Windy City's infamous winter weather? Maybe you want to wake up to picturesque lake views or be steps away from your favorite park. If you're a business traveler, you might prioritize being near downtown offices, expressways, or airports. If you’re here to explore different neighborhoods to find your dream apartment, a centralized location and train access can make all the difference.

And let's not forget about the practicalities! Perks like designated parking, easy access to public transit, bike lanes, or even nearby Divvy stations can be a game-changer.

For those prioritizing a convenient commute, neighborhoods near major employment hubs such as the Loop, River North, or the West Loop may be ideal. Renters who value outdoor space and recreational activities may prefer apartments close to popular parks or the lakefront, such as Lincoln Park or Lakeview.

Regardless of your preferences, check out our Domu guide for moving to Chicago for valuable insights and resources to help you prepare!

Checking Your Credit Score

Now, let's talk about actually securing your short-term rental. Just like with traditional year-long leases, landlords love to run credit checks to make sure you're a reliable tenant, so be prepared to have your credit score scrutinized. A strong credit score shines in the eyes of your potential landlord, and showing financial responsibility can improve your chances of securing your desired short-term rental.

If you are unsure about your credit score or need guidance on how to improve it, our comprehensive Credit Score guide on Domu offers expert advice and actionable steps to help you navigate the rental application process with confidence.

ID and Background Checks

One more thing to keep in mind: short-term landlords will always require some form of identification, and in some cases, they might even run a more thorough background check. This is especially common in co-living situations or if you're renting a room in someone's home.

When you're ready to submit your application, make sure you have a valid form of ID on hand, like a driver's license, state ID, or passport. This helps the landlord confirm that you're the real deal and not some imposter trying to pull a fast one. Once they have your ID, they'll likely run a background check, which typically includes a deep dive into your criminal history, credit reports, and rental history. It might feel a bit like they're prying into your personal life, but it's all part of the process to make sure you're a stand-up tenant who will pay rent on time and won't cause any trouble.

By being transparent and providing accurate information, you can help streamline the application process and increase your chances of securing your desired short-term Chicago rental.

Neighborhoods with the Most Short-Term Rentals

Chicago is a city of neighborhoods, with more than 77 distinct official community areas. And within these, even smaller neighborhoods and sub-neighborhoods totaling more than 200! For this reason, it goes without saying that when it comes to finding a short-term rental in Chicago, you've got options!

While downtown neighborhoods have always been a go-to for these types of apartments, the last few years have seen a surge in availability in outlying areas and at much more reasonable prices. Some of the most popular neighborhoods for short-term rentals include:

Luxury short term rentals:

• Streeterville: If you're all about that high-rise life and want to be steps away from the Magnificent Mile, Streeterville is the place for you. This swanky neighborhood is home to some of the city's most luxurious short-term rentals, complete with gorgeous lake views and amenities that will make you feel like royalty.
• Lakeshore East: Located just south of the Chicago River, Lakeshore East offers a perfect blend of urban convenience and tranquil parks. With the Loop and Millennium Park nearby, you'll never run out of things to do in this upscale neighborhood.
• River North: If you're looking for a neighborhood that's always buzzing with energy, look no further than River North. This trendy area is known for its art galleries, delicious restaurants, and hip nightlife scene.
• West Loop: Foodies, rejoice! The West Loop is a paradise for anyone who loves to eat, with some of the city's best restaurants and bars. But there’s more here than decadent dining. The West Loop also has a ton of sleek, modern short-term rentals that will increase your QOL. 
• Chicago Loop: If you want to be in the heart of it all, the Chicago Loop puts you in the middle of the action. This neighborhood is home to some of the city's most iconic landmarks, like the Willis Tower and the Art Institute of Chicago. And with many luxury short-term rentals available, you'll have no trouble finding the perfect (albeit temporary) place to call home.
• South Loop: Once an industrial area, the South Loop has undergone a major transformation in recent years and is now one of the hottest neighborhoods in the city. Close to the lakefront and the sprawling Museum Campus, the short-term rentals found here put all the excitement at your doorstep.

Budget-friendly short term rentals:

• Near West Side: Just west of the Loop, the Near West Side is full of affordable short-term rental options. This up-and-coming neighborhood is home to the University of Illinois at Chicago and has plenty of great spots to eat, drink, and be merry.
• University Village: If you're a student or just looking for a budget-friendly place to call home, University Village is the perfect spot. This youthful neighborhood is located just south of the Loop and is known for its lively atmosphere and affordable short-term rentals.
• River West: Another great option for budget-conscious renters, River West is a small but mighty neighborhood located just north of the West Loop. With its mix of industrial buildings and new construction, you’ll have your pick of short-term rentals that are full of character and charm.
• Wicker Park: This trendy area is known for its vintage shops, indie music venues, and hip eateries. With its eclectic variety of short-term rental options, this is THE neighborhood to be in for rental prices that won't break the bank.
• Uptown: Located on the city's north side, Uptown is a diverse neighborhood that offers a little something for everyone. From its historic architecture to its lively entertainment scene, Uptown is a great place to find an affordable short-term rental and experience a different side of Chicago.
• Lakeview: If you want to be close to the action but don't want to pay downtown prices, Lakeview is an ideal compromise. This neighborhood is home to Wrigley Field, as well as a ton of bars, restaurants, and shops.
• North Center: This cozy neighborhood on the city's north side is a great option for anyone looking for a more laid-back vibe. With its tree-lined streets and plenty of parks, North Center offers a peaceful retreat from the hustle and bustle of the city.
• Logan Square: Last but not least, Logan Square is a neighborhood that's been gaining a lot of popularity in recent years. Known for its artsy vibe and delicious food scene, Logan Square is a great place to find an affordable short-term rental and experience a true taste of Chicago living.

Our Domu neighborhood guides offer detailed information on the vibe, amenities, and rental market in each of these areas, so take a look and make a more informed decision when choosing your short-term rental location!

The Lowdown on Short-Term Rental Costs

Now, let's talk about the costs of renting a short-term apartment. Landlords will typically charge a bit more for these shorter leases to cover their turnover costs (cleaning, painting, and fixing up the place between tenants) and the extra effort they have to put into advertising. It's a bit of a hassle for them to constantly be looking for new renters, so they make up for it with slightly higher prices. If you opt for a furnished short-term apartment, be prepared to shell out even more. Sure, it's super convenient to have everything you need right there waiting for you, but that convenience comes at a price.

Curious about just how much you can expect to spend? Take a look at these common expenses:

• Application fees: Landlords typically charge a non-refundable application fee, ranging from $50-100, to cover the cost of credit and background checks.
• Security deposit: Most short-term rentals require a security deposit, which protects the landlord against potential damages or unpaid rent. The deposit is usually equivalent to one month's rent and is refundable at the end of the lease term, provided the apartment is returned in satisfactory condition.
• Move-in fees: Some short-term rentals may require a non-refundable move-in fee to cover administrative costs or the preparation of the apartment for a new tenant.
• Utility costs: Renters are typically responsible for paying for utilities such as electricity, gas, water, and internet/cable services, which can add a significant amount to the monthly budget.
• Renters insurance: While not always required, renters insurance is highly recommended to protect your personal belongings and provide liability coverage. Policies typically cost between $15-40 per month, depending on the level of coverage and deductible.
• Parking: If you have a car, be sure to factor in parking costs, which can range from free street parking to dedicated garage spaces that can cost upwards of $350 per month in some neighborhoods.
• Pet fees: As mentioned earlier, pet-friendly short-term rentals often come with additional one-time or monthly fees to cover the potential for increased wear and tear or cleaning costs.

For a more in-depth cost analysis, our comprehensive costs to rent an apartment in Chicago page offers a breakdown of these expenses with tips on how to minimize them.

Timing Your Search

Okay, so you know what you're looking for and where to find it. But when should you start your search? The majority of short-term apartment leasing in Chicago is seasonal, with the spring, summer, and fall being the busiest times. Summer is the peak season, so be prepared for fewer options and higher prices due to demand. But if you're flexible with your timing, consider looking for a short-term rental during the winter months - you'll have way more options to choose from and can snag some really good deals.

Domu vs. Airbnb and Vrbo

If you're in the market for a short-term rental, you might be wondering what sets Domu apart from big players like Airbnb and Vrbo. Well, for starters, short-term apartments on Domu don't come with all those pesky extra fees that larger companies tack on. Instead, Domu's short-term rental listings connect renters directly with landlords and property management companies. This eliminates the need for intermediary fees, so you can save your hard-earned cash for deep-dish pizza and Cubs games.

Domu's platform also focuses exclusively on the Chicago rental market, providing a curated selection of short-term rentals from real landlords that cater to your specific needs and preferences. Whether you're looking for a cozy studio in Wicker Park or a swanky penthouse in the Loop, we have the insider scoop. By working directly with local landlords and property managers, our listings are always accurate, and up-to-date. That means no surprises, no sketchy listings, and no stress for you. By searching on Domu, you'll be looking at more affordable options curated for your needs and with extensive neighborhood profiles to help you make informed decisions, all written by Chicago experts. So why settle for a generic rental experience when you can have a personalized, budget-friendly, and locally-focused one with Domu? We're here to make your short-term rental journey in Chicago a breeze (we are the Windy City, after all!) with all the insider knowledge and support you need to find your perfect temporary home. Trust us, once you go Domu, you'll never go back to those other guys.