Luxury Apartment Rentals Are Hot Again

With amenities that include outdoor spas, poolside cabanas, private wine lockers, 24-hour fitness centers with views of the city -- who wouldn't want to live in an apartment these days? In Chicago, the big bets developers made by building nearly 1,300 new downtown apartments in 2009 appear to be paying off, big time.

While the condo market flounders in the continued throes of a stifled economy, the downtown rental market in Chicago is booming, according to the Chicago Tribune. Despite rents that exceed $5,000 per month, many potential condo buyers are opting to rent an apartment thanks in part to some very appealing amenities.