Airbnb Rental Business Startup Cost Comparison
Chicago, IL vs Miami, FL
Chicago, IL
$14,000 - $59,000
COL Index: 107.8
VS
Miami, FL
$12,000 - $60,000
COL Index: 128.3
Detailed Cost Comparison
| Expense | Chicago, IL | Miami, FL | Difference |
|---|---|---|---|
|
Business Registration & Permits
|
$5,600 - $10,900 | $2,600 - $9,500 | +36% |
|
Furnishing & Decor
|
$3,000 - $20,000 | $3,000 - $20,000 | Same |
|
Smart Locks & Technology
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Professional Photography
|
$200 - $1,000 | $200 - $1,000 | Same |
|
Guest Supplies & Welcome Kit
|
$300 - $1,500 | $300 - $1,500 | Same |
|
Short-Term Rental Insurance (Annual)
|
$1,000 - $3,000 | $1,000 - $3,000 | Same |
|
Listing Setup & Marketing
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Working Capital (3 Months)
|
$3,200 - $16,200 | $3,800 - $19,200 | -16% |
| Total Estimated Cost | $14,000 - $59,000 | $12,000 - $60,000 | +1% |
Local Market Factors
| Factor | Chicago | Miami |
|---|---|---|
| Cost of Living Index | 107.8 | 128.3 |
| Commercial Rent ($/sqft/yr) | $25 - $65 | $25 - $65 |
| Labor Rate Index | 1.15 | 1.08 |
| Sales Tax | 10.25% | 7% |
| Minimum Wage | $15.80/hr | $13.00/hr |
| LLC Filing Fee | $150 | $125 |
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