The Pulpit Commentary:
The word here used, lilith, occurs only in this place. It may be doubted whether any bird, or other animal, is meant. Lilitwas the name of a female demon, or wicked fairy, in whom the Assyrians believed - a being thought to vex and persecute her victims in their sleep.
Cambridge Bible:
The Hebr. is Lîlîth, a fem. formation from Iáil “night.” Render with Cheyne: the night-hag. Lilith appears to be a creation of the Babylonian demonology. “This Lilith plays a great part in the Talmudic demonology; the cabalistic Rabbis forged a whole legend in which this spirit is said to have taken a feminine form to deceive Adam, and to have united herself to him.” (Lenormant, Chaldæan Magic, Engl. Tr. p. 38.) She is mentioned in the Bible only here.
find for herself a place of rest] On the restlessness of evil spirits, cf.
Matthew 12:43, “walketh through dry places, seeking rest.”
Barnes Notes on the Bible:
The word לילית lı̂ylı̂yt (from ליל layil, night) properly denotes a night-spectre - a creature of Jewish superstition. The rabbis describe it in the form of a female elegantly dressed that lay in wait for children at night - either to carry them off, or to murder them. The Greeks had a similar idea respecting the female ἔμπουτα empouta, and this idea corresponds to the Roman fables respecting the Lamice, and Striges, and to the Arabic notions of the Ghules, whom they described as female monsters that dwell in deserts, and tear men to pieces (see Gesenius, Com. in loc; and Bochart, Hieroz. ii. 831). The margin in our version expresses the correct idea. All this is descriptive of utter and perpetual desolation - of a land that should be full of old ruins, and inhabited by the animals that usually make such ruins their abode.
Gill:
By the name "Lilith", it appears to be a night bird, which flies and is heard in the night. The Jews call a she demon by this name, which, they say (s), has a human face, and has wings, and destroys children as soon as born; and therefore the Jews, especially in Germany, write upon the four corners of the bed of a new mother, Adam, Eve, out Lilith (t); the same with the Lamia of the Romans; and so the Vulgate Latin here renders it.
Of course we have animals called Tasmanian Devils, but we don't believe they are actual demons. ...But the meaning of Lilith was alive in the cultural venue when Isaiah penned his words.... seems the meaning is that a place would become desolate and the abode of wild animals and perhaps demons.