A Chicago-based real estate company that owns and operates multifamily properties was investigating short-term stay opportunities. The executive team was intrigued by the ability to generate additional revenue from vacancies.
Like many multifamily owners and management companies, the firm had real concerns about short-term guests, specifically related to security of long-term residents and the liability of their assets. The potential disruption to their residents by transient guests, the inability to screen guests, and the lack of accident protection were significant barriers. Nevertheless, the company was open to the idea of short-term rentals if security and liability concerns could be managed.