Although the housing market has slowed considerably in 2019, downtown apartment prices still seem to be on the rise, even despite a growing inventory.
Lavish new high rises like One Bennett Park, NEMA Chicago, and the Sinclair in the Gold Coast are certainly among the city’s top new apartment developments. But they’re also among the most expensive as well.
According to Crain’s, more apartment developments are exceeding the $4 per square foot threshold, which doesn’t seem to be stopping renters from paying the extra premium needed for spectacular views and five-star hotel-style amenities.
Part of this new trend is linked directly to empty-nesters who are selling their homes in the suburbs and opting for a luxury lifestyle in the city. But instead of buying a condo, they’re now looking for a luxury apartment instead, of which many now include over-the-top amenities like golf simulators, demonstration kitchens, dog grooming facilities, jaw-dropping pool decks, and all kinds of extra resident services.
But not all new construction apartment buildings in Chicago are targeting the ultra-luxury market. Some $4 per square foot buildings in the works are also going after young professionals who are willing to sacrifice living space for a close proximity to work and nightlife, but these micro apartments typically offer 500 square feet or less.