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The latest amenity for attracting luxury rental tenants: Live-in musicians

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The latest amenity for attracting luxury rental tenants: Live-in musicians

Magellan Development Corp. is planning to fill a fairly unorthodox position at its newly opened 36-story River North building: live-in musician.

The new position is the latest salvo to be fired in the battle for renters in downtown Chicago, where a boom in a luxury residential construction has caused a rental housing glut, and where experts say landlords may soon have to lower monthly rates in order to fill their units. The live-in musician is also Magellan’s way of responding to the demands of young renters, who expect new buildings to offer entertainment and opportunities to socialize.

“All of us are competing for the same residents and we all offer the same amenities, so we decided: Let’s try something different,” said Magellan National Marketing Manager Jim Losik.

Magellan also will likely use the strategy to appeal to renters in newly constructed buildings in other markets, including in its SoBro apartment building in Nashville, Tenn., Losik said.