CHICAGO—Developers are launching new luxury apartment developments at a vigorous pace in many of the nation's largest cities. That means the competition to attract and retain tenants is going to get intense. And many developers and designers say they are working harder than ever to make their properties distinctive, with amenities at the forefront.

All owners want something unique but marketable, and finding the correct mix is now more challenging as the wave of new luxury rental properties now hitting the market has helped change the profile of renters. In the past, renters were typically those that did not have the financial means to own a home. But today's luxury apartment communities are home to individuals who choose to rent rather than own, and many want the kind of amenities found in five-star hotels.

“It's been like an arms race,” Rick Whitney, principal at FitzGerald Associates Architects, tells GlobeSt.com. The Chicago-based firm has gathered data on the last ten multifamily projects it designed in the Chicago area, all completed since 2011, and found that amenities once “high end” are now considered standard in class A buildings. These include outdoor swimming pools, fire pits, grilling stations, media-filled lounges, billiards rooms, individual and small-group workspaces and storage lockers. The challenge for developers now is to discover “the differentiators” that will attract and retain high-paying tenants.