The Chicago apartment market is in a boom of sorts. Developers see promise in the area and continue to build luxury apartments for residents that aren’t interested in purchasing a home. With the wave of new luxury buildings in the city, developers are vying for renters to fill the apartments and are attracting them with lavish amenities.
In the past, luxury apartment amenities were modern kitchens, a fitness center in the building, in-unit washer and dryer and maybe a game room. Now, apartment developers who want to stand out from the crowd are building towers with doggy spa drop-offs, steam rooms and state-of-the art workout machines.
According to U.S. Census data, the population of Chicago’s downtown area increased by 48,000 residences between 2000 to 2010. The population in certain city center zip codes, like the Loop, is expected to increase an additional 10 to 15 percent by 2015, according to a report by Appraisal Research Counselors.
However, some believe that demand isn’t keeping up with the supply being offered, so there is fear by developers that rental prices in the area might drop. Right now a studio apartment in the neighborhood costs about $2,000 a month.
If you’re a young professional looking to live in the downtown area of Chicago, watch market trends. With lots of competition, you may be able to secure a nice pad with lots of amenities for a good price.