Warm Weather Boosts Leasing Traffic
Unseasonably warm weather in Chicago is reportedly boosting walk-in traffic and tour volume for apartment buildings. The favorable conditions are giving properties a tactical advantage by attracting prospective renters who are starting their apartment search early. This provides an opportunity to capture early movers ahead of the traditional peak leasing season.
- The Chicago multifamily market demonstrated strong performance in late 2025, with a vacancy rate of 4.7% and annual rent growth of 3.4%, significantly outpacing national averages. This underlying market tightness provides a strong foundation for the early leasing traffic. - Competitors are leveraging unique amenities to attract tenants; Millie on Michigan offers a 46th-floor outdoor pool deck and views over the Magnificent Mile, while The Deco combines its 1927 Art Deco charm with modern renovations, including a rooftop patio overlooking Lake Michigan. - In the Gold Coast, rental concessions typically range from two weeks to two months of free rent, often used during slower fall and winter months to attract new tenants. Landlords may also waive administrative, move-in, or parking fees as an incentive. - The pipeline for new apartment construction has slowed considerably, with projected deliveries for 2025 and 2026 down from previous years. This reduction in new supply could intensify competition for available luxury units during the accelerated leasing season. - The Waldorf Astoria, formerly the Elysian, features 51 exclusive residential units above the hotel, offering residents access to a 14,000-square-foot spa, 24-hour room service, and an indoor pool. - Similarly, Park Tower residences are situated atop the Park Hyatt hotel, granting residents access to 5-star hotel amenities, including room service from the renowned NoMi restaurant and use of the hotel's fitness center and spa. - Golub & Company's own 21 E. Chestnut property is actively leasing studio and one-bedroom apartments, with current pricing for studios ranging from approximately $2,075 to $2,265. - New luxury developments like Aurélian in the Gold Coast are marketing a resort-style experience with amenities such as a rooftop pool with private cabanas, a social club with a gaming center, and a garden terrace with bocce ball courts.
