While the city of Chicago works through proposed changes to regulations for short-term rental facilities, largly effecting websites such as Airbnb and VRBO, condo owners in particular are vulnerable if they don't read the fine print carefully.
Taking the plunge into the short-term rental business has proven attractive for owners looking to make a little extra income; however, condo bylaws often govern such arrangements and can result in costly fines for scofflaw unit owners.
While leasing a unit is generally allowed (though often with restrictions), a standard provision in bylaws prohibits hotel or transient occupancy, typically defined as a lease less than 30 days.
Know the rules before you take the plunge and read more at the Chicago Tribune here.