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.

The Jax, a 10-story apartment building located at 1220 West Jackson, reveals apartment, amenity and exterior renderings, along with the launch of its new website — www.TheJaxChicago.com. Located in the West Loop, The Jax features 166 newly constructed apartment units and 7,600 square feet of retail.

 

“The Jax weaves modern design and a vibrant lifestyle to delight apartment dwellers in the West Loop,” said Amy Lusher, Chief Sales and Marketing Officer for LG Development. “A space for those on the move, The Jax is within blocks of city transit, surrounded next to parks and shops, world-class restaurants, and the heart of downtown.”

 

Building amenities include a rooftop lounge, grilling stations, top-floor fitness center, 9th floor dog area, demonstration kitchen, secure lobby entrance, bike storage and workshop and package receiving room.

 

“The Jax fills a unique space in the West Loop and caters to the luxury renter that does not require every amenity, but wants quality finishes and well laid out floor plans paired with a prime location,” said Aaron Galvin, CEO & Founder of Luxury Living Chicago Realty, the brokerage firm exclusively marketing and leasing the property. “By scaling back the amenity offerings, the rents are very competitive given the sub-market.”

 

Pre-leasing begins this March and first move-ins are anticipated in April. The affordable luxury apartment building offers studio, one-bedroom and two-bedroom floor plans. Studios start at $1,695 per month, one bedrooms start at $2,295 per month, and two bedrooms start at $3,895 per month. Learn more about the apartments at www.TheJaxChicago.com

 

Norweta, a Broder development featuring 40 luxury apartments and 32 condominium residences, reveals a first look of the apartment units today, along with the launch of its leasing website — www.NorwetaApartments.com. Now in Phase II of the development, these condo-quality apartments begin leasing this month.

 

Located at 2611 N. Hermitage Ave. in Lincoln Park, Norweta Apartments offers two bedrooms starting at $3,995 per month, three bedrooms starting at $5,095 per month, and four bedrooms starting at $8,595 per month, along with duplex floor plans. The development features thoughtful design and a curated finish package. In-unit amenities include state-of-the-art kitchens with waterfall edge quartz countertops, integrated Wolf Sub-Zero appliances and custom cabinetry, oak hardwood flooring throughout, 9-foot ceilings, floor to ceiling windows, J. Geiger electric solar shades and exquisite 5-piece baths

 

“When you live in a Broder property, know that you’re in good hands. We take great care of our residences and also the people who live there,” said Eric Svenson, Managing Partner, Broder. “Attention to detail is at the core of our developments along with thoughtful and dedicated service.”

 

“Norweta is raising the bar for rental residences in Chicago. Each apartment features condo-quality finishes and expansive layouts that live like a home,” said Aaron Galvin, CEO & Founder of Luxury Living Chicago Realty, the brokerage firm exclusively marketing and leasing the apartments. 

 

The condominiums and apartments share two acres of indoor and outdoor spaces across the property. Amenities include a resort-style outdoor pool, fitness center with on-demand virtual training, courtyard, gardens, fire pit and grill areas, conference room, sports court, solarium, hammock garden, courtesy bikes, private storage units, dog and car wash stations, electric vehicle charging and underground parking. The development also features on-site property management, a mobile doorman app, pick-up/drop-off cleaning service and discounts at preferred vendors. Norweta is designed to achieve LEED Platinum certification, the highest standard of green building designated by the U.S. Green Building Council. 

 

Phase I of the development included condominium development and sales of Norweta residences located at 2633 N. Hermitage Ave. Dreamtown Realty has been leading the condominium sales of Norweta.

The development team of Hines, Wolf Point Owners LLC and the AFL-CIO Building Investment Trust announces Wolf Point East, a 698-unit luxury apartment building, topped off on August 30, 2019.

 

“We are thrilled to reach this construction milestone and continue pre-leasing,” said Will Renner, Director at Hines.

 

Located at the intersection of River North, Fulton Market and the Loop above a four-acre riverfront park, Wolf Point East is designed by internationally renowned Pelli Clarke Pelli Architects in partnership with Pappageorge Haymes Partners. 

 

Early access to pre-leasing is underway and first move-ins are anticipated in early 2020. The luxury apartment building offers studio to three-bedroom penthouse floor plans. Studios starting at $2,095 per month, junior one bedrooms starting at $2,495, one bedrooms starting at $2,895 per month and two bedrooms starting at $4,195 per month will be the first residences offered. Three-bedroom and penthouse units will be available in the future. 

 

Building amenities will include an indoor and outdoor pool with south-facing terrace and sundeck, a full-floor expansive fitness club and exercise studio, private coworking lounge with conference rooms, outdoor dog run and inviting pet amenities, elegant gathering spaces for dining and entertaining and a club area complete with social games and a golf simulator.

 

“Wolf Point East offers a unique matrix of iconic architecture, unparalleled city views, location and luxury finishes designed for today’s modern renter,” said Aaron Galvin, CEO & Founder of Luxury Living Chicago Realty, the brokerage firm exclusively marketing and leasing the property. “Wolf Point East will raise the bar for urban apartment living in Chicago while exuding warmth and elegance in the thoughtfully designed floor plans and community-enhancing amenities.”     

  

The development team is composed of Hines, Wolf Point Owners LLC and the AFL-CIO Building Investment Trust. Wolf Point Owners LLC is a part of Park Holdings Group LLC which is the principal investment entity of the Kennedy Family. Learn more about the apartments and future updates at www.WolfPointEast.com

 

Luxury Living Chicago Realty announces leasing kickoff at River City Apartments and reveals the renovated one-bedroom model unit. Renovated units are designed by Devon Grace Interiors and include quartz countertops, white cabinets, custom closets, in-unit washer and dryer and wood-plank floors. Units are now available for new residents at the iconic South Loop property.

“Respecting architect Bertrand Goldberg’s original vision for a live, work, and play environment is at the core of the renovations. Each unit was reconfigured to offer an open-concept kitchen, to maximize closet space and to amplify natural light,” said Devon Wegman, Creative Director at Devon Grace Interiors. "Our goal was to honor the architecture of the building through the finishes. We did this by incorporating sculptural tiles mimicking the ridged texture on the exterior walls along with concrete-look tiles for bathroom floors. We also wanted to lighten the space up and introduce warmer textures, which we did with white walls, white and ash wood cabinets, and modern profiles for plumbing fixtures. The full renovation encompasses everything from appliances to new cabinetry and more functional layouts.”

“New residents can begin moving in now,” said Aaron Galvin, CEO & Founder of Luxury Living Chicago Realty, the brokerage overseeing marketing and leasing. “The South Loop continues to gain renter interest and these apartments offer competitive pricing while providing renters a thoughtfully renovated unit in an iconic building. The building updates paired with easy access to the Loop, public transportation and cultural attractions make this a great option.”

Floorplans include studios, one- and three-bedroom units. Studios range from $1,495 to $1,695 per month. One-bedroom, 653 square-foot units range from $1,695 to $1,995 per month. One-bedroom, 713 square-foot units range from $1,795 to $2,095 per month. Three-bedroom, 2.5-bath duplex townhomes range from $3,150 to $3,595 per month.

Additional community amenities will include multiple lounges and co-working spaces, a party room, an acre of outdoor space with lush landscaping, outdoor grilling stations and a convenient dog run. The building features 24-hour door staff, a package room and a bike room. The full redesign and renovation of the lobby, front entrance and updated and modern community space named “River Road” is designed by Blue Star Properties.

Learn more about the apartments at www.RiverCityApts.com.

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