Condo owners sue city over vacation-rental limit | Residential News | Crain's Chicago Business
Hello all,
This article brings up a very good debate. Should the city be able to restrict the right of condo owners to rent out their homes as a vacation rental?
In recent years, many travelers have opted for a "home away" experience. This entails renting out someone's apartment or home instead of staying in a hotel. A few of my friends swear by it. I haven't tried it yet, but can see the appeal. Most of the hotels in cities are located in the downtown area or business district. You know where this is in Chicago. Sometimes when I travel overseas and we stay in hotels like this, I don't feel as if I get a real feel for the city and get stuck in tourist traps.
Staying in someone else's home may give you the feel of experiencing the life of the Chicagoan, New Yorker or Parisian. You can go to a local market or pub and hang with the locals. It is a great feeling! Sometimes, meeting someone in a bar and making a new connection is worth more than going to a local tango show where my husband felt like he was being herded like cattle. Talk to a local -- they'll tell you the best places to visit in their city and steer you away from the tourist traps.
But I digress.
Should a condo owner be restricted from renting out their home in this fashion? And should the city be allowed to impose this restriction?
I can see the negatives to this. There will be numerous unknown people walking in and out of the condo building. That can be a little unnerving for the people who live in the building. If they cause damage to the building, it may be hard to find them and collect money for any damages.
But, does the city have the right to restrict this?? I think no. In my opinion this is something that should be addressed and voted on by the individual condo association. It would be like having the city saying that condo buildings could not permit dogs over a certain weight limit to live in that building. I don't think it's any of their business. This law may have something to do with big hotels getting involved and strong arming the city to enact a law such as this due to low occupancy during this economic time. Here's an idea, why not make hotel rooms more affordable?
It will be interesting to see how this plays out. Stay tuned....
