Airbnb City Guide: The Best Places To Invest in Aurora, Illinois

Airbnb Rules and Regulations in Aurora, Illinois

As of 2024, Aurora has implemented comprehensive regulations governing short-term rentals to ensure a fair and safe environment for hosts, guests, and the community. Hosts are required to obtain an annual license from the city and pay a fee based on the number of sleeping rooms. Additionally, short-term rentals must comply with occupancy limits, with a maximum of two guests per bedroom plus two additional guests.

To maintain neighborhood tranquility, quiet hours are enforced from 10 pm to 7 am, and parking is restricted to the property's designated spaces. Hosts are responsible for collecting and remitting the city's hotel tax, which currently stands at 8%. Safety requirements include working smoke detectors, carbon monoxide detectors, and fire extinguishers in each unit. Furthermore, hosts must provide guests with a local contact person who can be a property manager or co-host if the owner isn't nearby and who is available 24/7 to promptly address any concerns or emergencies. Failure to adhere to these regulations may result in fines or the revocation of the short-term rental license.

Aurora Airbnb Market Data:

• Average Revenue – $31.9K per year
• Average Daily Rate – $158.7 per night
• Average Occupancy Rate – 55%
• Average RevPAR – $88.3
• Average Home Prices – $286,061

1. Top Place to Invest in Aurora, Illinois - West Side

Aurora's West Side is a hidden gem for real estate investors seeking a neighborhood with historic charm, convenient amenities, and strong potential for appreciation. Situated along the picturesque Fox River, this community offers a compelling mix of affordability, accessibility, and unique local attractions, making it an attractive option for those seeking to start an Airbnb business of their own.

West Side Airbnb Market Data:

• Average Revenue – $28.9K per year
• Average Daily Rate – $149.3 per night
• Average Occupancy Rate – 53%
• Average RevPAR – $80.3

Convenience - 8/10

One of the West Side's strongest attributes is its exceptional convenience. The neighborhood boasts easy access to major highways, including the I-88 and I-355, making commuting a breeze. Additionally, the nearby Route 59 retail corridor offers an abundance of shopping, dining, and entertainment options.

Tourist Attractions - 6/10

While the West Side itself may not be a primary tourist destination, it is within close proximity to several notable attractions. The Aurora Regional Fire Museum and the SciTech Hands-on Museum provide engaging educational experiences, while the historic Paramount Theatre hosts Broadway-caliber performances in a stunning art deco setting.

Things to Do - 7/10

Residents of the West Side enjoy a variety of recreational activities and community events. The Fox River Trail offers scenic hiking and biking opportunities, while local parks like Lincoln Park provide ample green space for outdoor relaxation. The neighborhood also hosts plenty of local annual festivals and markets that showcase its vibrant culture.

Average Home Prices - 8/10

As of April 2024, the average home value in Aurora stands at $286,061, representing an impressive 10.2% appreciation over the past year. With its diverse housing stock and desirable location, the West Side offers a range of affordable options for investors, with many properties priced below the city average.

Proximity to Work-Related Travel - 7/10

The West Side's strategic location provides convenient access to major employment centers, hospitals, and convention venues. Rush Copley Medical Center and the Presence Mercy Medical Center are both within a short drive, while the nearby I-88 corridor is home to numerous corporate offices and business parks.

X-Factor - 8/10

Its unique blend of history, community, and potential sets the West Side apart. The neighborhood's architectural heritage, exemplified by the West Side Historic District, creates a charming and distinctive atmosphere. Moreover, the area's strong sense of community, evident in its active neighborhood associations and local events, fosters a welcoming environment for residents and visitors alike.

2. Top Place to Invest in Aurora, Illinois - East Side

Situated on the eastern edge of Aurora, this area offers a compelling blend of affordability, convenience, and potential for growth. With its diverse housing stock, proximity to key amenities, and easy access to major transportation routes, the East Side presents an attractive opportunity for short-term rental investors seeking to capitalize on the city's strategic location within the Chicago metropolitan area.

East Side Airbnb Market Data:

• Average Revenue – $43.5K per year
• Average Daily Rate – $216.6 per night
• Average Occupancy Rate – 55%
• Average RevPAR – $117.5

Convenience - 7/10

One of the East Side's greatest strengths is its accessibility. Major highways like I-88 and I-355 provide direct connections to Chicago and other surrounding communities, making it a convenient base for both local and out-of-town visitors. Essential amenities, including grocery stores, restaurants, and retail centers, are readily available within the neighborhood or a short drive away.

Tourist Attractions - 5/10

While the East Side itself may not boast major tourist draws, its proximity to regional attractions like the Chicago Premium Outlets and the Paramount Theatre in nearby Aurora Downtown adds value for short-term rental guests. The area's parks and recreational facilities offer outdoor activities and family-friendly entertainment opportunities.

Things to Do - 6/10

The East Side offers a range of activities and events for residents and visitors alike. Local parks host festivals and community gatherings throughout the year, while the nearby Fox Valley Mall and surrounding retail centers provide ample shopping and dining options. However, nightlife and cultural offerings within the immediate area may be somewhat limited compared to other parts of Aurora.

Average Home Prices - 8/10

As of April 2024, the median home price in the East Side area stands at $275,000, according to recent Zillow data. This relatively affordable entry point, coupled with the area's steady appreciation rates in recent years, positions the East Side as an attractive market for investors seeking to purchase a property at low rates with long-term growth potential.

Proximity to Work-Related Travel - 7/10

The East Side's strategic location and easy access to major transportation routes facilitate convenient access to key employment centers within Aurora and the broader Chicago metropolitan area. The nearby Chicago Premium Outlets and other retail hubs provide ample job opportunities for those seeking temporary or part-time work during their stay.

X-Factor - 7/10

What sets the East Side apart is its unique blend of affordability, convenience, and growth potential. As Aurora continues attracting new businesses and residents, the demand for short-term rentals in this area will likely increase. Investors who can tap into this emerging market and provide quality accommodations at competitive prices stand to benefit from the area's long-term prospects.

3. Top Place to Invest in Aurora, Illinois - Harbor Springs

Harbor Springs offers a perfect blend of suburban tranquility and urban convenience. This well-established community boasts a variety of housing options, from cozy townhomes to spacious single-family residences, catering to diverse lifestyles and preferences.

Harbor Springs Airbnb Market Data:

• Average Revenue – $42.3K per year
• Average Daily Rate – $167.8 per night
• Average Occupancy Rate – 69%
• Average RevPAR – $112.3

Convenience - 7/10

One of the key advantages of Harbor Springs is its convenient location. Situated just off major thoroughfares, residents enjoy easy access to shopping centers, grocery stores, and essential services. However, the neighborhood's layout may require some additional navigation, slightly impacting its overall convenience score.

Tourist Attractions - 5/10

While Harbor Springs itself does not have major tourist attractions within its boundaries, Aurora and the surrounding areas offer a range of interesting destinations. From museums and historical sites to parks and nature preserves, there are ample opportunities for exploration and leisure activities nearby.

Things to Do - 6/10

Harbor Springs provides a decent selection of recreational activities for its residents. The neighborhood features well-maintained parks, walking trails, and green spaces, promoting an active lifestyle. However, those seeking a more vibrant entertainment scene may need to venture beyond the immediate vicinity.

Average Home Prices - 7/10

According to Zillow data, the average home value in Aurora, Illinois, as of January 2024, stands at $273,256. This represents an impressive 8.6% appreciation over the past year. With its desirable location and well-maintained properties, Harbor Springs tends to command prices slightly above the city average, making it a promising choice for investors.

Proximity to Work-Related Travel - 8/10

Harbor Springs benefits from its strategic position near major employment centers, hospitals, and convention venues. The neighborhood's proximity to highways and public transportation options facilitates convenient work-related travel, making it an attractive choice for professionals.

X-Factor - 7/10

Its strong sense of community and neighborly charm sets Harbor Springs apart. The area fosters a welcoming atmosphere, with active homeowners associations and regular community events. This close-knit environment appeals to families and individuals seeking a friendly and supportive living experience.

4. Top Place to Invest in Aurora, Illinois - Eola

Nestled in the heart of Aurora, the Eola neighborhood offers a compelling blend of historic charm, modern amenities, and potential for growth. With its tree-lined streets, diverse architectural styles, and proximity to key attractions, Eola presents an excellent opportunity for those looking to start a short-term rental business and capitalize on the city's strategic location within the Chicago metropolitan area.

Eola Airbnb Market Data:

• Average Revenue – $38K per year
• Average Daily Rate – $186.1 per night
• Average Occupancy Rate – 56%
• Average RevPAR – $108.9

Convenience - 8/10

One of Eola's greatest strengths is its prime location and accessibility. Situated just minutes from downtown Aurora and major thoroughfares like I-88 and Route 59, the neighborhood provides easy access to a wide range of dining, shopping, and entertainment options. Residents and visitors alike can enjoy the convenience of nearby grocery stores, pharmacies, and other essential services.

Tourist Attractions - 7/10

While Eola itself may not boast major tourist draws, its proximity to Aurora's top attractions makes it an appealing base for visitors. The Paramount Theatre, a historic venue renowned for its live performances, is just a short drive away. Other nearby points of interest include the SciTech Hands-On Museum, the Phillips Park Zoo, and the Westfield Fox Valley Mall, offering ample shopping and dining experiences.

Things to Do - 8/10

Eola's vibrant community and cultural scene provide ample opportunities for entertainment and engagement. The neighborhood hosts several annual festivals and events, such as the Eola Art Fair and the Eola Farmers' Market. Visitors can explore unique local businesses, enjoy a night out at one of Aurora's historic pubs, or simply take a leisurely stroll through the charming residential streets.

Average Home Prices - 7/10

As of April 2024, the median home price in the Eola neighborhood stands at $325,000, according to recent Zillow data. While this entry point may be higher than some other areas of Aurora, the potential for high rental income and long-term appreciation makes Eola an attractive investment opportunity for those seeking to capitalize on the area's desirability.

Proximity to Work-Related Travel - 8/10

Eola's central location makes it an ideal base for business travelers and corporate events. The neighborhood is just minutes from downtown Aurora's convention center and major employers like the Rush Copley Medical Center and the Caterpillar Logistics Services facility. The nearby Chicago Premium Outlets and other retail hubs provide ample job opportunities for those seeking temporary or part-time work during their stay.

X-Factor - 9/10

What sets Eola apart is its unique blend of historic charm and modern amenities. The neighborhood's diverse architectural styles, ranging from grand Victorian homes to charming bungalows, create a distinctive and inviting atmosphere. As Aurora continues to invest in revitalization efforts and attract new businesses and residents, Eola is poised to benefit from increased demand for authentic, locally-rooted experiences.