In addition, the association's data show that 66,433 units were available in October, down 18.3% compared to last year. "The intense demand for housing this year has steadily drawn down the inventory of homes on the market,” said Phil Chiles, president of the state association and broker-associate with The Real Estate Group in Springfield.

And David Wolf, president of Related Realty, now predicts that new listings will increase in 2014 as sellers realize the appreciated value in their homes and decide to enter the market. “Listings under contract will increase and market time will be down,” says Wolf. “And that's good news for the market rebound. With more inventory available for buyers to choose from, we will continue to see restored confidence in residential real estate.”

The rental market might also see changes based on new expectations on the part of renters. For example, Related Midwest unveiled its first rental tower in Chicago earlier this year – 500 Lake Shore Drive – and company officials say it takes apartment services to a higher level. Residents have access to a personal assistant, a resident service specialist, a tech concierge, and a 24-hour white-glove doorman. The company will provide a similar full service staff to residents at 111 W. Wacker, the developer's new apartment tower set to open in summer 2014.

“One reason people continue to be drawn to the rental lifestyle is they see or hear about these amenities and services that make their life easier – services that are really more what they receive at a high-end hotel,” says Curt Bailey, president of Related Midwest. “It's common now to have apartment amenities like a high-tech fitness center or theatre room, but someone on call to fix your internet connection or plan a catered dinner party is more rare, and certainly seen as an added value by our renters.”

In May 2013, Fifield Companies tapped the design firms of Adrian Smith + Gordon Gill, Design for a Cure and Morgante Wilson Architects to hold a designer showcase event to celebrate the opening of K2, a 496-unit luxury apartment tower in Chicago's Fulton River District. The Morgante Wilson model was so well received, Fifield officials say, that they hired the firm to design all models and common spaces at E2, its new rental development in suburban Evanston, which will open in 2015.

Tenants began moving into K2 on March 1, and Fifield got 125 leases in the first 75 days, leasing 25% of the building.

“Residents are increasingly sophisticated in their aesthetic,” says Randy Fifield, vice chairman and principal of the company. “Even if they're not using a name-brand designer in furnishing their own home, they appreciate being able to enjoy a high level of design in their building.”