In the Press: Chicago Tribune Reports Luxury Chicago Apartments Battle for Renters

Another wave of brand new luxury Chicago apartments are preparing to open spring 2014. We are still fawning over the previous round of buildings delivered last summer – including AMLI River North, Coast, 500 Lake Shore Drive, Hubbard Place, Optima and K2.

It’s hard to believe this year’s newcomers will be bigger, better and more luxurious than last year’s arrivals. The most recent deliveries featured all hardwood floors, top of the line appliances and kitchen appointments, unique amenities (i.e. a golf simulator) and private Equinox fitness centers for residents.

What will the new properties offer to sway a potential resident one way or the other?

Chicago Tribune real estate reporter, Mary Ellen Podmolik, delved into this topic speaking with Chicago’s top developers including Fifield, Related, AMLI and RMK for a story that detailed the friendly competition to attract residents and how to retain current tenants.

Podmolik also spoke with Luxury Living Chicago Realty’s managing broker, Aaron Galvin, gaining his perspective on what it takes to maintain happy luxury Chicago renters. Aaron discussed the need to create a sense of community, saying:

“These buildings are looking to establish communities so people stay. If you are living next door to your best friend, you are less likely to leave.”

The Chicago Tribune story also featured Luxury Living Chicago Realty’s client Shawn McDonnell. We worked with Shawn last year and helped him find a home at EnV. This year Shawn utilized our guidance again and will be moving to Hubbard Place in March. Shawn said this about why he is making the move:

“It just felt like what I was paying in rent would be a value there. It’s just more. The newness helps justify the price.”

Stay tuned for more details about the Spring 2014 luxury Chicago apartment market.