Lake Forest, IL

  • Overview
  • Performance
  • Listings
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Key Performance Metrics

Market snapshot

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

Listings

16 / 58

Reliable / Active

Cap Rate

3%

Middle-Earners Gross Yield

Revenue

$37,048

Middle-Earners Revenue

Occupancy

80%

Middle-Earners Occupancy

Home Value

$1,217,724

Median Home Sale Price

Top Earners

$60,466

Top-Earners Revenue

Lake Forest

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Lake Forest.

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A

Very Investor friendly

Lake Forest Regulations

STRs are permitted citywide under Illinois HB 2919; Lake Forest has no local STR licensing, caps, or restrictive operational rules, so compliance is minimal and centered on state-level tax registration (SB 2564) and standard building/safety codes, with platforms typically handling tax remittance.

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About Lake Forest

Lake Forest is an affluent suburb situated in Lake County, along the western shore of Lake Michigan in northeastern Illinois. With a population of approximately 19,000 residents, the city carries a quiet, tree-lined character defined by historic estates, ravines, and well-preserved early-twentieth-century architecture. It is widely regarded as one of the North Shore's most prestigious communities, and it serves as a gateway to the chain of affluent lakeside suburbs stretching between Chicago and the Wisconsin border. Lake Forest lies roughly 30 miles north of downtown Chicago, a drive of about 45 minutes in normal traffic, and is also only minutes from the Naval Station Great Lakes complex and the southern reaches of the North Shore Channel.

The heart of the city is Market Square, a Tudor Revival shopping and dining district designed in 1917 by architect Howard Van Doren Shaw. Often cited as one of the earliest planned shopping centers in the United States, Market Square remains a charming gathering place of small shops, cafés, and a seasonal farmers market, and it sits within walking distance of the city's Metra commuter rail station, which offers a direct ride into Chicago. Visitors interested in early Lake Forest history will also find the nearby Elawa Farm, a restored 1917 country estate with gardens and walking paths on the city's western edge.

A short drive east brings visitors to the Lake Michigan shoreline, where the city maintains several small beaches and lakefront parks. Fort Sheridan, a former U.S. Army post just to the south, has been redeveloped into a Forest Preserve with miles of hiking and biking trails along the bluffs overlooking the lake. The preserve is only about ten minutes from downtown Lake Forest and offers some of the most scenic public-access shoreline on the North Shore.

Just to the south, in Glencoe, the Chicago Botanic Garden spans nearly 400 acres of landscaped gardens, natural areas, and waterways. A visit typically takes several hours, and the garden is roughly 15 to 20 minutes from Lake Forest by car. The institution draws visitors year-round with seasonal displays, a model railroad garden, and an extensive plant collection. Together with Lake Forest's own cultural offerings, including the Ragdale Foundation, an artists' residency housed in a shingle-style home designed by Shaw, the area provides a layered mix of natural beauty, architectural heritage, and access to Chicago's urban energy.

For short-term rental owners, Lake Forest appeals to a steady stream of visitors: families visiting students at Lake Forest College, business travelers working with nearby corporate campuses, wedding guests drawn to estate venues, and Chicago-area tourists seeking a quieter, greener base. Its proximity to Chicago, easy Metra access, and the natural and cultural attractions of the North Shore make it a versatile location with year-round appeal.

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