Evanston, IL

  • Overview
  • Performance
  • Listings
  • Buy Box

Key Performance Metrics

Market snapshot

Performance indicators for the Evanston short-term rental market based on reliable data.

Listings

165 / 399

Reliable / Active

Cap Rate

8%

Middle-Earners Gross Yield

Revenue

$38,111

Middle-Earners Revenue

Occupancy

70%

Middle-Earners Occupancy

Home Value

$484,026

Median Home Sale Price

Top Earners

$74,157

Top-Earners Revenue

Evanston

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Evanston.

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C

Challenging to Investors

Evanston Regulations

Evanston has a temporary moratorium suspending new STR licenses while stricter rules are developed—likely including strict ward caps (35 per ward), higher fees, inspections, and tighter limits on non‑owner‑occupied units—raising compliance and regulatory risk for investors.

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About Evanston

Evanston, Illinois is a vibrant, lakefront city of roughly 79,000 residents in Cook County, situated along the western shore of Lake Michigan just north of Chicago. Best known as the home of Northwestern University, Evanston blends the energy of a college town with the cultural amenities and shoreline of a large suburb, offering tree-lined streets, a lively downtown, and a famously engaged community. It functions as both a destination in its own right and a convenient gateway to downtown Chicago, which lies about 15 miles to the south and is reachable in roughly 20 to 30 minutes by car or train via the CTA Purple Line and Metra.

A defining feature of the city is its stretch of Lake Michigan shoreline, where beaches, parks, and a historic lighthouse draw both residents and visitors year-round. Grosse Point Lighthouse, a 19th-century landmark, anchors the lakefront and offers a tangible connection to the area's maritime past. The beaches and adjacent greenways are popular for running, cycling, and swimming, and they sit within minutes of downtown Evanston by foot or bike, making the lakefront a central part of the city's appeal.

The Northwestern University campus is another major draw, with its blend of Collegiate Gothic architecture, public art, and cultural institutions. The Block Museum of Art, located on the Evanston campus, presents rotating exhibitions, film series, and lectures that are open to the public and add a museum-quality attraction to the city's profile. Visitors can stroll the university's lakefill area and surrounding paths, which connect seamlessly to the city's broader trail system.

Just south of Evanston in neighboring Wilmette sits the Bahá'í House of Worship, one of only a handful of Bahá'í temples in the world and a striking piece of architecture set on landscaped lakeshore grounds. A short drive or train ride into Chicago opens up world-class museums, dining, and lakefront attractions, while Evanston itself maintains a distinct identity with independent shops and restaurants concentrated along Sherman Avenue, Davis Street, and Central Street.

For short-term rental operators, Evanston offers a compelling combination: a walkable, amenity-rich urban environment with its own beaches, university, and cultural venues, paired with quick access to Chicago's full roster of attractions. The result is a market that draws academic visitors, families exploring the North Shore, and Chicago-bound travelers looking for a slightly quieter, more residential base, supporting steady year-round demand.

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