One Chicago, a mixed-use development offering resort perks. Photo: JDL Development.
Chicago’s luxury apartment developers are racing to offer amenities aimed at attracting more renters.
Why it matters: The push comes as many would-be homebuyers opt to rent longer, incentivizing properties to compete for a growing cohort of high-income renters.
State of play: More eyes are on rentals, because there aren’t many downtown homes for sale, luxury real estate broker Matt Mercer tells Axios.
- Also, the apartment market is stabilizing. Chicago posted the second-largest drop in rent nationwide in March, compared with a year prior, per a new Redfin report.
What’s happening: As developers sacrifice apartment square footage for communal amenity space, loaded gyms with saunas, sleek board rooms and resort-style pools are increasingly hallmarks of the city’s luxury buildings.
- “Every new building that goes…
