Luxury Living Chicago Realty (LLCR) analyzed data from 1,708 renters across the company’s 2019 exclusive leasing portfolio to better understand who the renters are, what they do for a living and where they are coming from.
Who Are Chicago’s Luxury Renters?
The 2019 data revealed 869 (50.9%) of the renters were male and 839 (49.1%) were female. Throughout the exclusive portfolio, 53.7% of the renters were couples, 32.4% of the renters were single and 13.9% were roommates.
What Do Class A Renters Do For A Living?
The top Industries of employment were Financial Services, Healthcare, Management Consulting, Technology and Marketing & Advertising, respectively. The average income of a male renter was $124,924 and the average income of a female renter was $86,078.
Couples had the greatest buying power with an average combined income of $213,420, followed by roommates with a combined income of $162,428 and singles ($116,863).
"Two of the biggest factors driving rents in Class A buildings are high-income couples with disposable income and singles relocating to Chicago for high-paying jobs," said Mark Ziemke, Leasing Strategy Manager at LLCR. "Both high-earning couples and relocating singles were consistent trends throughout 2019"
Where Are Luxury Renters Coming From?
Of the 1,708 renters, 39.3% of the total portfolio were moving into Chicago. New York, Michigan, California, Texas and Indiana were the top five states renters were relocating from. In the portfolio, renters came from 37 different states in 2019.
"We are frequently asked about who is renting these luxury units and how they can afford them. People moving to Chicago for high paying jobs in the urban core are driving this absorption," said Aaron Galvin, Founder/CEO of Luxury Living Chicago Realty. "As long as jobs continue to abound in Chicago and companies keep investing in this world-class city, we are going to continue to absorb the Class A apartment inventory."
In 2019, LLCR helped nearly 3,000 Chicago renters find a new home in the newest Class A apartment buildings. Notable exclusive marketing and leasing assignments in 2020 include Wolf Point East, Norweta, Logan Apartments and River City Apartments.