Are Luxury Apartments Worth it?

With so much (tempting) new construction in Chicago, many renters are wondering, are luxury apartments worth it?

Aysha Hackert, partner and broker at Downtown Apartment Company and DRC, shared her insight with Go Banking Rates and Yahoo on the topic.

Don’t Sweat the Small (or Big) Stuff

One of the major advantages of living in a managed luxury building is the caliber of management and maintenance. Buildings often have on-site maintenance with 24 hour emergency response. This isn’t something you’ll appreciate every day, but when you need it, you’ll be really glad you have it.

The management companies often hired by high rise developers tend to have a strong reputation with a national presence, which means more resources and systems in place to keep buildings running smoothly. From seamless lease renewals, to resident events, concierge services, and even minor needs like when you need a lightbulb changed or an appliance repaired, there are quite a few advantages to having a high quality professional management and maintenance team on site.

Third Party Vendors

Most high rise luxury properties work with third party vendors that offer incredibly convenient services. Popular services include on-site personal training, an option to get your car washed while it’s parked in your building garage spot, valet dry cleaning, room service available from a private chef service, housekeeping and cleaning, and even miscellaneous chores like plant watering.

When she commented for the Go Banking Rates article, Hackert used the example of a management company that offers a “Home Away” program. When you’re away from your unit on a vacation or trip, they will water your plants, water and feed your animals and deliver any packages directly into your unit.

Many high rise luxury apartment buildings in Chicago offer housekeeping services

Amenities

Many buildings include health club quality fitness centers with state of the art equipment like Peloton bikes, spa amenities like salt saunas, resident-only salons, and massage treatment rooms, co-working and flexible individual work spaces, rooms for entertaining and hosting private events, on-site coffee bars (some of which are even staffed with baristas), wine cellars, bike repair stations, recording studios, and substantial discounts on hotels, restaurants, and retail in the surrounding areas.

Resident co-working space at Property 171 in the West Loop

Hackert added that living in a luxury building can help cut costs for services and expenses if you find the building offers amenities that match your lifestyle needs. For example, if you move into a luxury apartment with a fitness center, you could save money by canceling your existing gym membership and use the facilities provided on-site.

To browse luxury apartments and see what’s out there, check out our map tool or contact us today! We offer both virtual and in person apartment tours.

If you’re looking for information on how to list or purchase a property in downtown Chicago, contact us here.