Evanston, IL Airbnb Market Data, Statistics, and Occupancy Rates

Evanston Short-Term Rental Market Overview

Evanston, IL presents an attractive opportunity for short-term rental investors, earning an ROI score of 58 out of 100. With 93 active Airbnb listings, an average daily rate of $249, and average annual revenue of $39,249 per listing, the market shows healthy demand anchored by its proximity to Northwestern University and the greater Chicago metro. Above-average occupancy stability is a standout strength, though investors should note that the market's growth trend and supply/demand balance currently sit below average, suggesting a maturing competitive landscape.

Key Market Statistics

According to Rabbu market data, the Evanston short-term rental market shows:

Data sources: Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Mar, 17 2026.

Why Investors Consider Evanston

Evanston's combination of university-driven demand, lakefront appeal, and proximity to Chicago creates a diversified guest base that supports year-round short-term rental activity.

Expert Market Assessment

"Evanston represents a moderate-to-attractive investment opportunity with clear seasonal dynamics — June peaks at $5,060 in average monthly revenue while January and February dip below $1,400. The market's above-average occupancy stability is encouraging for investors seeking more predictable income streams, though the below-average growth trend and supply/demand balance suggest that new entrants face increasing competition. Targeting larger properties or offering standout amenities can help investors differentiate in a market where 1-bedroom listings already make up 40% of supply."

— Rabbu Market Analysis Team

Key Airbnb Metrics & Trends in Evanston

Average revenue by month in Evanston

Evanston displays strong seasonality, with June ($5,060) marking the revenue peak and February ($1,315) the lowest point — a nearly 4x spread that investors should account for in cash-flow planning. The warm months from May through October consistently exceed $3,900 in average revenue, while the winter shoulder season (November–March) drops significantly.

Active Airbnb listings by property size in Evanston

One-bedroom units dominate supply at 37 listings (40% of the market), followed by 3-bedrooms at 22 and 2-bedrooms at 21, with just 5 five-bedroom properties available. The scarcity of larger homes — particularly in the 4- and 5-bedroom range — may represent an underserved niche given their outsized revenue potential.

Average daily rate (ADR) by property size in Evanston

ADR climbs dramatically with property size, from $108 for 1-bedrooms to $1,343 for 5-bedroom listings — a 12x premium that reflects strong demand for group-friendly accommodations. The jump from 3-bedrooms ($277) to 5-bedrooms suggests that investors willing to operate larger properties can capture an outsized share of nightly revenue.

Average RevPAN by property size in Evanston

Revenue per available night tells a compelling story for larger properties: 5-bedroom units generate $580 in RevPAN compared to just $41 for 1-bedrooms, even after factoring in occupancy differences. Three-bedroom listings at $68 RevPAN also outperform smaller configurations, making mid-to-large properties the most efficient revenue generators on a per-night basis.

Average occupancy rates by property size in Evanston

Five-bedroom properties lead occupancy at 43%, closely followed by 1-bedrooms at 38%, while 2-bedroom (23%) and 3-bedroom (25%) units lag behind. The stronger occupancy for both the smallest and largest units suggests that these sizes align best with distinct traveler segments — solo/couple visitors and larger groups respectively — offering more consistent booking patterns.

Average monthly revenue by property size in Evanston

Monthly revenue scales steeply with size, from $2,052 for 1-bedrooms up to $19,872 for 5-bedroom properties. Even the step from 2-bedrooms ($3,823) to 3-bedrooms ($4,330) provides a meaningful revenue uplift, underscoring how each additional bedroom contributes disproportionately to earning potential in this market.

Average annual revenue by property size in Evanston

On an annual basis, 5-bedroom properties generate $238,475 — nearly 10 times the $24,631 earned by 1-bedroom units and roughly 4.6 times the $51,965 from 3-bedrooms. For investors targeting the highest absolute returns, larger homes in Evanston offer the strongest revenue potential, though acquisition costs and operating complexity should be weighed accordingly.

Most common amenities for Airbnb listings in Evanston

Kitchen (94%) and parking (93%) are near-universal in Evanston listings, signaling that guests expect these as baseline amenities rather than differentiators. A dedicated workspace appears in 76% of listings — a notably high rate that likely reflects demand from university-affiliated and remote-working guests — while outdoor features like backyards (55%) and patios (45%) offer additional competitive appeal.

Understanding Evanston's ROI Score: 58/100

Rabbu's ROI Score is a proprietary metric that evaluates short-term rental investment potential based on multiple factors.

How the ROI Score is Calculated

What This Means for Investors

Evanston's ROI score of 58 out of 100 places it in the 'Attractive Opportunity' band, reflecting a market with solid fundamentals tempered by some headwinds. The average revenue-to-price ratio and above-average occupancy stability are encouraging, but below-average marks for market growth trend and supply/demand balance indicate that rising competition could compress margins for new entrants. Investors should pair this data with thorough local regulatory research and consider targeting underserved property sizes — particularly larger homes — to maximize returns.

Short-Term Rental Regulations in Evanston

Understanding local STR regulations is essential before investing in Evanston. Here's the current regulatory landscape:

Permit Requirements

The City of Evanston, Illinois may require short-term rental operators to obtain a permit or register their property before listing on platforms like Airbnb. Investors should verify current licensing requirements directly with the City of Evanston's community development or licensing department before acquiring a property.

Key Restrictions

Common STR restrictions in markets like Evanston can include occupancy limits, minimum stay requirements, noise and parking regulations, and caps on the number of permits issued in certain zones. HOA rules may impose additional restrictions, so investors should review any applicable covenants or association bylaws before committing to a property.

Tax Obligations

Short-term rental hosts in Illinois are typically subject to state and local occupancy taxes, and platforms like Airbnb often collect and remit some of these taxes on the host's behalf. Investors should confirm whether additional local tourism or sales tax obligations apply in Evanston specifically.

Regulations subject to change. Always verify with local authorities before purchasing. A Rabbu partner agent specializing in Evanston can provide current regulatory guidance.

Future Outlook & Long-Term Forecast

"Over the next 12–18 months, Evanston's STR market is expected to maintain its pronounced seasonal pattern, with peak revenues in June through October and softer winter months. ADR may see modest increases in the 1–3% range given the market's stable demand drivers, while occupancy is estimated to hover around 28–32% market-wide. The 165% year-over-year growth in active listings signals rising competition, which could put downward pressure on pricing power for undifferentiated properties. Investors who target larger or well-amenitized units are better positioned to capture premium rates and sustain stronger returns."

— Rabbu Market Analysis Team

Frequently asked questions about Airbnb in Evanston, IL

What is the average Airbnb occupancy rate in Evanston?

The average Airbnb occupancy rate in Evanston is currently 30%, which is slightly below the Illinois state average of 33%. Occupancy varies significantly by property size — 1-bedroom units average 38% and 5-bedroom properties lead at 43%, while 2-bedroom listings sit at 23%. Seasonality also plays a role, with higher occupancy during the warmer months from May through October.

How much do Airbnb hosts make in Evanston?

Airbnb hosts in Evanston earn an average of $3,270 per month, which translates to approximately $39,249 annually based on trailing 12-month performance. Revenue varies considerably by property size: 1-bedroom listings average about $2,052/month, 2-bedrooms bring in around $3,823, 3-bedrooms earn roughly $4,330, and 5-bedroom properties generate an impressive $19,872 per month. Individual results depend on factors like location, guest reviews, pricing strategy, and amenities offered.

Is Evanston a good market for Airbnb investment?

Evanston earns a Rabbu ROI score of 58 out of 100, placing it in the 'Attractive Opportunity' category. The market benefits from above-average occupancy stability and a reasonable revenue-to-price ratio, though its growth trend and supply/demand balance are currently below average. With average home values around $893,955 and annual STR revenue averaging $39,249, investors should carefully evaluate property size and target audience to optimize returns. Larger properties in particular show strong revenue potential.

What is the average daily rate (ADR) for Airbnb in Evanston?

The average daily rate for Airbnb listings in Evanston is $249, which is below the Illinois state average of $319. ADR scales significantly with property size: 1-bedroom units average $108, 2-bedrooms command $205, 3-bedrooms reach $277, and 5-bedroom properties charge a premium of $1,343 per night. This pricing structure reflects strong demand for larger group-friendly accommodations in the market.

Are short-term rentals legal in Evanston?

Short-term rentals operate in Evanston, IL, with 93 active Airbnb listings currently in the market. However, local regulations including permit requirements, zoning restrictions, and tax obligations may apply. Investors should consult the City of Evanston's licensing office and review any applicable HOA rules to ensure full compliance before operating a short-term rental.

When is peak season for Airbnb in Evanston?

Peak season in Evanston runs from May through October, with June being the strongest month at $5,060 in average revenue. July and August remain strong at $4,623 and $4,507 respectively, while September and October also perform well above the annual average. The off-peak months of January ($1,355) and February ($1,315) represent the slowest period, creating a roughly 3.7x spread between peak and trough months.

How many Airbnbs are there in Evanston?

There are currently 93 active Airbnb listings in Evanston as of April 2026. The market has seen significant growth with a 165% year-over-year increase in active listings. Supply is concentrated in smaller units, with 37 one-bedroom listings making up the largest share, followed by 22 three-bedroom, 21 two-bedroom, and 5 five-bedroom properties.

How is Airbnb revenue calculated in Evanston?

The annual and monthly revenue figures for Evanston are derived from the trailing 12 months of historical booking performance for active comparable Airbnb listings in the market — not a forward-looking projection. We average each comparable listing's actual revenue per available night (RevPAN) by month over the past year, remove regional outliers, and aggregate the results into a market-level historical average. This approach anchors the figures to what hosts have actually earned recently while naturally reflecting seasonal peaks (like June at $5,060) and slower months (like February at $1,315). Individual results can vary based on property quality, pricing strategy, and operational management.

About Rabbu Market Data

Rabbu provides Airbnb and short-term rental market data and statistics across the United States. Our mission is to empower investors with accurate insights and easy-to-use tools, so they can confidently identify and act on the best opportunities in the Airbnb market.

What this data includes

• Regularly updated active Airbnb and STR listing counts for the Evanston, IL market
• Average daily rates, occupancy rates, and RevPAN metrics across property sizes
• Monthly and annual revenue trends based on trailing 12-month booking data
• Home value data sourced from the Zillow Home Value Index (ZHVI)
• Popular amenity prevalence across active listings in the market

Sources and disclaimers

Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Mar, 17 2026. Revenue projections are estimates based on comparable properties and do not guarantee future performance. Data reflects trailing 12-month averages and current market conditions as of the reporting date; actual results may differ based on property-specific factors, pricing strategy, and market shifts. Local regulations, permit requirements, and tax obligations are subject to change — investors should verify current rules with the City of Evanston before operating an STR.