As builders and tenants flock toward urban development, the forecast for luxury rentals in Chicago, America’s Windy City, is medium to strong growth. With over 3,600 new rental units slated to open by 2014, it’s no wonder A-listers like John Cusack, Dwayne Wade and Vince Vaughn favor “Chi-town.” If you’re looking for A-list perks and location, but you’re scared to commit to a mortgage, luxury Chicago apartments boast the perfect climate.
After the Mortgage Crisis Storm
Although the tides are starting to turn, many Americans are still licking their mortgage crisis wounds. Young, successful professionals have “heard the horror stories of their friends who bought condos” and they’re still stuck underwater, Steven Fifield of K2 Builders tells CBS Chicago. The fear of another crisis isn’t the only thing that’s preventing less luxury buyers, bankers have also learned their lesson. The Chicago Tribune reports that despite low mortgage rates, the average credit score of approval is 750, which disqualifies many would-be buyers. However, the aftertaste of the mortgage crisis isn’t the only reason for the shift, as rental apartments also offer high-class amenities.
Amenities Galore at Your Door
Chicago has always enjoyed the cosmopolitan good looks of a major world city, but without as much traffic and more affordable luxury bells and whistles. A highly amenitized lifestyle attracts the most tenants, explains Ron DeVries, VP at Appraisal Research Counselors to the Tribune. Lenders often won’t consider an investment without the promise of considerable fringe benefits. Spas, pet spas, movie theaters, libraries, basketball courts, rooftop pools, golf simulators and fitness centers are popping up in major high rises like K2 in the Fulton River District. Luxury studios or smaller apartments can offer young professionals a taste of the good life without breaking the bank, while the more opulent penthouses and large units allow big spenders to enjoy all the decadence of a home without the tedious maintenance.
Live, Work and Play all In One Place
The heart of Chicago has everything you need, and luxury renters are taking advantage of it. 2010 marked the first decade since the 1920s that showed more city growth than suburban in 27 of the U.S.’s 51 largest metropolitan areas, and high-income households are no exception. The era of the bustling shopping mall, the McMansion and the big box retailer is coming to an end. “Young renters in particular want to live somewhere with dining, shopping and entertainment right outside their front door, and where they can easily walk to public transportation,” says Anthony Rossi, President of M&R Development.
The Downtown Chicago Lifestyle
Life in downtown Chicago means walkable access to some of the best restaurants in the world, large company epicenters, entertainment and attractions. You don’t have to settle down to enjoy a luxury rental in downtown Chicago, you just have to be ready to enjoy life to the fullest while you plan your next major move.