Class A Luxury Chicago Apartment Market Update
March 12, 2021 | By llcrmarketing
Luxury Apartment Market Chicago

On Wednesday, March 3rd, Luxury Living Chicago Realty hosted a virtual conference. CEO Aaron Galvin, Director of Leasing Strategy Mark Ziemke and Director of Residential Rentals Tristen Heiman shared industry insights with the over 300 attendees that joined live. In addition, the event featured a View From the Trenches panel with Hines’ Will Renner, Related Midwests’ Tricia Van Horn and Fifield’s Jon Schneider, moderated by Aaron Galvin.

 

 

Market Update from Luxury Living Chicago Realty Founder and CEO

Luxury Living Chicago Realty Founder and CEO, Aaron Galvin, shares his view of the Chicago apartment market throughout the pandemic and his thoughts on how that shifts the future.

In his keynote speech, Aaron touches on some key points and trends in the Class A Chicago rental industry. He uncovers the pandemic impact on Chicago luxury rental apartments, the current luxury renter demographics, and the surge of leasing velocity throughout the start of 2021.

To read more about Aaron Galvin’s keynote, click here or watch the video below.

 

 

Market Data Report from Luxury Living Chicago Realty Director of Leasing Strategy 

Director of Leasing Strategy, Mark Ziemke, dives into Luxury Living Chicago Realty’s exclusive data, sharing demographics, pricing, and trends in the market.

In this data overview, Mark compares how this past year lines up with years of the past, and that it’s not all bad news. He dives into the shift in peak seasonality when it comes to leasing, relocation statistics throughout 2020, how rent was impacted from the pandemic, and the rebound of the Class A renter market in the beginning of 2021.

To read more about Mark Ziemke’s data presentation, click here or watch the video below.

 

 

Luxury Renter Perspective Interview with Luxury Living Chicago Realty Director of Residential Rentals

Director of Residential Rentals, Tristen Heimann, interviews a luxury renter about their experience finding an apartment during the pandemic and shares common feedback he is hearing from his clients.

In this interview, Tristen uncovers a few main takeaways for current Chicago renters and developers alike. He goes over the current world of remote and virtual touring, the major role that in-person apartment showings play when making the final decision, the most important amenities to Chicago renters right now, and the process of working with a broker to find the perfect apartment.

To read more about Tristen Heimann’s interview with Class A Chicago renter, click here or watch the video below.

 

View From The Trenches Panel with Fifield, Related Midwest, and Hines Developers

CEO Aaron Galvin moderates a panel of seasoned and well-respected luxury developers discussing the day-to-day challenges of meeting Class A renter expectations and preserving value in a continued pandemic environment.

In this panel with Luxury Living Chicago Realty CEO Aaron Galvin and developers including Fifield’s Jon Scheider, Related Midwests’ Tricia Van Horn, and Hines’ Will Renner, we discuss various challenges and breakthroughs over the past year for Chicago developers. The panelists dive into the importance of investing in digital assets like remote leasing tools, the problem with pricing software in an economic downturn, the emphasis on additional work-from-home space and outdoor amenities, and more.

To read more about the View From The Trenches panel, click here or watch the video below.

 

For more information or questions about the current market of Chicago’s Class A multifamily, get in touch with our team today and be sure to sign up to receive industry insights.

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