Airbnb Market Data

6 min read

8 Best Short Term Rental Markets In Illinois For 2025

We’ve identified the top 8 cities in Illinois that offer promising opportunities to investors looking for high-yield STR markets.

Written By

Emir Dukic

Jan 30, 2025

Illinois is home to many thriving short-term rental markets, but identifying the top-performing cities can be overwhelming, especially when combing through data from countless locations across the state.

To simplify this process, we analyzed data from markets statewide and compiled a list of the top 8 cities for investors and landlords seeking potentially high-return rental properties in the coming year.

As always, we recommend thorough underwriting and analysis of any prospective property and a review of local short-term rental regulations before making any investment decisions.

How We Created This List

First, we looked at all Airbnb listings in Illinois that met the following criteria as of January 2025:

  • Average Rating: 4.8 stars and above
  • Guest Review Count: Minimum of 10
  • Average Daily Rate: $1 (minimum) to $2,000 (maximum)
  • Occupancy Rate: 1% (minimum) to 99% (maximum)
  • Property Size: 1 to 10 bedrooms
  • Property Type: Entire homes

We did this to eliminate Airbnb listings from our analysis that fall outside of what we consider "realistic" situations. This left us with a total of 3,203 Airbnb listings across the state of Illinois to work with.

Next, we grouped these listings by city and eliminated markets that didn't have at least 75 Airbnb listings meeting the above criteria. We took this step to avoid outlier cities we felt didn't have enough data to be considered at this current time. This left us with 8 cities in Illinois to rank.

Then, we needed to arrive at a gross yield number for each of our remaining cities in order to create our rankings. We did this by taking the average annual Airbnb revenue for each city and combining it with the cities median property value (from Zillow as of December 2024) to calculate our gross yield for each city.

Finally, we ordered the cities by highest gross yield.

The Top 8 STR Markets in Illinois

1. Evergreen Park, IL

Evergreen Park, IL, offers an enticing short-term rental market ideal for real estate investors seeking lucrative rental income and cash flow. Known for its charming neighborhoods, this area boasts easy access to the vibrant attractions of nearby Chicago, including museums, shopping, and sports teams like the White Sox. Tourists flock here for family-friendly events, and its close-knit community feel makes it one of the best places for vacation rentals. As an Airbnb host, cater to guests drawn by the blend of suburban tranquility and city excitement, promising a good return on investment properties.

Key STR Metrics:

  • Average Gross Yield: 19.0%
  • Average Property Value: $321,621 (as of December 2024)
  • Average Annual Revenue: $61,137 (past 12 months)
  • Average Occupancy Rate: 49% (past 12 months)
  • Qualifying Airbnbs: 93 (as of January 2025)
  • Year-Over-Year Growth in Airbnbs: 71%

Find Airbnbs For Sale in Evergreen Park, IL →

2. Galena, IL

Galena, IL is a charming destination brimming with allure for short-term rental properties, perfect for real estate investors seeking steady rental income. Nestled in scenic hills, this bustling tourist hub is famous for its historic Main Street, wine tours, and vibrant calendar of events, including the annual Country Fair and Galena Halloween Parade. Outdoor enthusiasts can explore nearby ski resorts and golf courses, making it a magnet for visitors year-round, while offering Airbnb hosts and vacation home investors the potential for a good return and cash flow in this thriving short-term rental market.

Key STR Metrics:

  • Average Gross Yield: 12.5%
  • Average Property Value: $435,300 (as of December 2024)
  • Average Annual Revenue: $54,293 (past 12 months)
  • Average Occupancy Rate: 38% (past 12 months)
  • Qualifying Airbnbs: 314 (as of January 2025)
  • Year-Over-Year Growth in Airbnbs: 64%

Find Airbnbs For Sale in Galena, IL →

3. Chicago, IL

Chicago, IL is a top destination for short-term rental properties, offering real estate investors a lucrative opportunity in the short term rental market. Famous for attractions like Millennium Park, Navy Pier, and the Art Institute, Chicago draws millions of tourists annually. Sports fans flock to see the Bears, Bulls, and Cubs, while events like Lollapalooza and the Chicago Marathon further entice guests. As a vibrant cultural hub, Chicago provides ample rental income potential, making it one of the best places for real estate investing and vacation rentals.

Key STR Metrics:

  • Average Gross Yield: 9.7%
  • Average Property Value: $519,496 (as of December 2024)
  • Average Annual Revenue: $50,552 (past 12 months)
  • Average Occupancy Rate: 45% (past 12 months)
  • Qualifying Airbnbs: 2,250 (as of January 2025)
  • Year-Over-Year Growth in Airbnbs: 80%

Find Airbnbs For Sale in Chicago, IL →

4. Springfield, IL

Springfield, IL, a top short-term rental market for 2025, attracts visitors with its rich history and vibrant attractions. Home to the Abraham Lincoln Presidential Library, it's a hotspot for tourism. Travelers enjoy sports events by the Springfield Sliders and special events like the Illinois State Fair. As a real estate investing opportunity, vacation homes in Springfield offer good returns. With a strong housing market, real estate investors find lucrative rental income through Airbnb hosting, making it one of the best places for short-term rentals.

Key STR Metrics:

  • Average Gross Yield: 9.6%
  • Average Property Value: $286,312 (as of December 2024)
  • Average Annual Revenue: $27,557 (past 12 months)
  • Average Occupancy Rate: 44% (past 12 months)
  • Qualifying Airbnbs: 86 (as of January 2025)
  • Year-Over-Year Growth in Airbnbs: 89%

Find Airbnbs For Sale in Springfield, IL →

5. Champaign, IL

Champaign, IL, shines as a short-term rental market ideal for real estate investors seeking lucrative opportunities. Home to the University of Illinois, it draws thousands of visitors for sporting events and cultural festivals. The bustling downtown offers vibrant dining and entertainment options, while nearby attractions like the Krannert Art Museum and Hessel Park enhance the tourism appeal. With a steady stream of Airbnb guests seeking vacation homes, this market promises strong rental income and good return on investment property.

Key STR Metrics:

  • Average Gross Yield: 9.2%
  • Average Property Value: $353,181 (as of December 2024)
  • Average Annual Revenue: $32,576 (past 12 months)
  • Average Occupancy Rate: 40% (past 12 months)
  • Qualifying Airbnbs: 146 (as of January 2025)
  • Year-Over-Year Growth in Airbnbs: 72%

Find Airbnbs For Sale in Champaign, IL →

6. Peoria, IL

Peoria, IL, is emerging as a prime location for short-term rental properties, appealing to real estate investors seeking optimal rental income. This vibrant city draws tourists with its rich attractions like the Peoria Riverfront Museum and Luthy Botanical Garden. Sports enthusiasts flock to watch the Peoria Rivermen and Chiefs. The city's bustling calendar boasts events like the Riverfront Market and Steamboat Classic, making it a thriving spot for vacation rentals. Investing here offers a good return and strong cash flow in the dynamic housing market.

Key STR Metrics:

  • Average Gross Yield: 9.2%
  • Average Property Value: $253,710 (as of December 2024)
  • Average Annual Revenue: $23,390 (past 12 months)
  • Average Occupancy Rate: 45% (past 12 months)
  • Qualifying Airbnbs: 114 (as of January 2025)
  • Year-Over-Year Growth in Airbnbs: 86%

Find Airbnbs For Sale in Peoria, IL →

7. Evanston, IL

Evanston, IL is a prime destination for Airbnb hosts and real estate investors in the short-term rental market. Known for its vibrant culture and proximity to Chicago, Evanston boasts attractions like Northwestern University, stunning Lake Michigan beaches, and the historic Grosse Point Lighthouse. The city hosts exciting events, including the Evanston Arts Festival and numerous sporting events. A thriving tourism scene ensures high rental income, making it one of the best places for investment properties that promise good return and cash flow.

Key STR Metrics:

  • Average Gross Yield: 6.1%
  • Average Property Value: $830,882 (as of December 2024)
  • Average Annual Revenue: $50,978 (past 12 months)
  • Average Occupancy Rate: 48% (past 12 months)
  • Qualifying Airbnbs: 91 (as of January 2025)
  • Year-Over-Year Growth in Airbnbs: 85%

Find Airbnbs For Sale in Evanston, IL →

8. Oak Park, IL

Oak Park, IL, just outside Chicago, is a vibrant destination for short-term rental investments, attracting tourists with its rich culture and historic charm. Known for its Frank Lloyd Wright architecture and Ernest Hemingway birth home, it captivates guests seeking unique vacation rentals. The thriving arts scene, alongside bustling farmers' markets and the lively Hemingway District events, make it a hotspot for tourism. Offering a good return and strong cash flow, Oak Park is prime for real estate investors exploring vacation homes and short-term rental properties.

Key STR Metrics:

  • Average Gross Yield: 6.0%
  • Average Property Value: $656,461 (as of December 2024)
  • Average Annual Revenue: $39,176 (past 12 months)
  • Average Occupancy Rate: 45% (past 12 months)
  • Qualifying Airbnbs: 109 (as of January 2025)
  • Year-Over-Year Growth in Airbnbs: 71%

Find Airbnbs For Sale in Oak Park, IL →

Categories: Airbnb Market Data

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About the author

Emir Dukic

CEO @ Rabbu.com

With a passion for real estate innovation and technology, Emir has transformed Rabbu into a go-to marketplace for real estate investors seeking high-yield opportunities in the short-term rental market. Drawing on his background in entrepreneurship and operational strategy, Emir has been instrumental in simplifying the complexities of the short-term rental industry, empowering investors to maximize their returns with data-driven insights and streamlined tools.

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