Bridgeport is an established area of Chicago that is filled with history, culture, and diversity. The neighbourhood houses hard-working and proud Chicagoans with a long lineage of ties to the area, and the income strength of the area allows for modest rental rates that traditionally do not peak the interest of investors. Anand heard of Hosty’s services and the success that we were able to attain for some of his colleagues, so he contacted us to see if we would be able to attain a rate of return on this investment property that would satisfy him. After a detailed discussion of Hosty’s data, we understood his request. This Bridgeport property was a massive home! With 7 bedrooms and 4.5 bathrooms, we knew we had quite a bit to offer guests for transient bookings. With that said, optimizing the return became even more of a challenge, as the larger the property, the more necessary it becomes to increase the rental rates in order to attain a successful rate of return. Furthermore, we wanted to make sure we did not lose out on smaller bookings simply due to the size of the home.
With a heavy focus on guest experience and promotion of all of the amenities of the home, we were able to attain revenue rates similar to Downtown Chicago area homes, while reaching the top 1% in the area for revenue.
We completed a full-service design and renovation for the home. We utilized our own contractors to complete the rehab, and built out a welcoming home that provided warmth and utility, without compromising on the open layout. We installed new appliances, added additional bedrooms, and fully furnished the home in three weeks. We added a pool table, foosball table and air hockey table in a game room to enhance guest experience. We were able to accommodate both large and small groups without depleting profitability. Within the first eight weeks, we were able to book 12 stays of four or more days.