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2024 was a year of meteoric growth for Cross Street. While we expanded our presence in Denver and entered a new market in Cleveland, our headquarters in Chicago also experienced tremendous growth. Our exclusive portfolio of units in Chicago grew by 10% and we have grown our team of expert brokers to more than 40. Our growth is also supported by the addition of new operational team members in marketing, accounting, tech, and leasing.
In 2024, we embraced our new identity as Cross Street. Our new name and visual identity are reflections of our commitment to continuous growth, and we’re excited to see our brand evolve alongside us. We’re sharpening our internal operations in the year ahead, anticipating similar portfolio growth in 2025. By refining our systems and standardizing processes, we’re staying two steps ahead, ready to take on significant expansion in 2026 and beyond.
Looking back at the 2024 market, we recognize Chicago’s remarkable consistency, with rent growth year over year for the past decade. While many secondary urban markets have faced challenges from oversupply, Chicago stood out amongst the highest rent growth in the country with a 5% rent increase.
Chicago’s multifamily market is defined by its 77 distinct neighborhoods, each functioning as a unique sub-market with its own market conditions. Our hyper-local data and deep understanding of market trends ensures we consistently make informed decisions and deliver results for clients across the city.
Chicago continues to face a supply shortage. With minimal new units added to the city’s inventory and a strong demand from renters, we saw significant rent growth across the city this year. In short, demand is outpacing supply.
Chicago saw a noticeable drop in leads during the second half the year, decreasing 15% month over month after July 4, more drastic than the usual seasonal slowdown typically expected. We attribute this to the continued post-COVID trend where landlords at large consolidated their lease expiration schedules to the earlier half of the year, adjustments made to aid with vacancies. Additionally, the rapid rise in inflation is deterring people from moving. As rents and other costs associated with moving continue to rise, many renters are choosing to renew their leases.
An amenity space in Building B.
As one of the fastest growing neighborhoods in the country, developers in West Loop are facing high competition for residents. As the seasonal slowdown took effect, many developers introduced significant concessions to attract leads.
Through strategic marketing adjustments and analysis of lead flow and other key metrics, Building B, one of our exclusive properties, remained ahead of the curve. Without significant concessions, we maintained low vacancy rates and secured high rents, even amidst a market-wide decline in traffic.
The subject property located in the West Loop, one of the fastest growing neighborhoods in the country, competes with other developments and is facing high competition for residents. As the seasonal slowdown took effect, many developers introduced significant concessions to attract leads.
Building B:
+ 96% occupied on average
+ $4.32/sqft on average
+ 50% renewal in 2024
+ 7.92% concession per lease on average
West Loop:
+ 93.07% occupied on average
+ $3.82/sqft on average
+ 8.7% concession per lease on average
We outperformed the greater West Loop market by achieving higher rents, maintaining strong occupancy, and minimizing concessions compared to neighborhood averages. This success was achieved by optimizing the lease expiration matrix to strategically avoid vacancy, implementing a proactive renewal strategy, and executing targeted ad campaigns to attract prospects.
Our unique leasing model enhanced leasing efficiency, ensuring seamless engagement with potential renters. By combining data-driven decision-making with hands-on market expertise, we positioned the property for sustained success in a competitive landscape.
In 2025, we expect Chicago’s market to continue following recent trends; sub-markets within unique neighborhoods make it difficult to apply a one-size-fits-all strategy across the city, and seasonality of leasing season means that each property and lease term needs to be assessed with precision.
With less than 500 units to be delivered in Chicago in 2025, we anticipate that the first half of the year will start strong with close to 6% rent growth. It is important to capture the early season opportunities while tracking trends real time to stay ahead of any second half slowdown. Concessions have been burning off, lingering in only a handful of neighborhoods. The strength of 2025 should help continue to equalize rents and diminish the need for continued use of concessions on stabilized inventory.
When you partner with Cross Street, you gain immediate access to a dedicated team of experts. From a leadership level, our leasing team includes experts in leasing operations, leasing management, and leasing strategy. Each project has a dedicated leasing account manager and in-house brokers assigned specifically to provide top tier service for you and for your future residents.
At Cross Street, we partner with developers at every stage from predevelopment to lease-up and continue through stabilization. With proprietary asset intelligence, we ensure every decision is real time and data-driven. Our predevelopment services include floor plan and amenity consultation, risk assessment, and strategic planning to set your project up for success.
Our decentralized leasing model ensures prospects receive 24/7 lead response and flexible showing options, making it easier to fill your building on their schedule. Our commission-driven brokers are dedicated to delivering a top-tier leasing experience, leading to higher conversion rates all without the burden of fixed costs like salaries or third-party broker contracts. We simultaneously boost your revenue by preleasing apartments, mitigating vacancy, and maximizing achieved rent.
Across the national Cross Street portfolio, we maintain:
+ 12,000+ total exclusive units
+ 3 markets
+ 25+ development partners
+ 50+ brands managed
In 2024, our Marketing Team doubled, bringing even more expertise to our in-house branding efforts. At Cross Street, we harness the power of strategic branding to connect with our target audience and drive rapid leasing success.
We created the brand for The Ludlow, a historic typograph factory gut rehabbed into 121 modern apartments. Our Marketing team was tasked with crafting a brand that encapsulates the historic character of the space and reflects the “home-tel” aesthetic of the new apartments. The resulting brand captures the hotel-inspired elegance of the property, appealing to renters seeking luxe, loft-style living. We have experienced strong lease up velocity across the first 4 months since leasing began in October of 2024, a testament to the force of a powerful brand even throughout the slower leasing season. See more of The Ludlow brand at liveludlow.com.
The Ludlow brand won the Commended Award at the World Brand Society – Creative Awards. Our award-winning Marketing Team is excited to keep growing and bringing buildings to life through compelling visuals and storytelling.
This past year, we doubled down on technology to empower developers and brokers. Our tech team became a standalone department, developing new tools that streamline brokers’ workflows, helping them deliver best-in-class service to future residents.
Multifamily investors now have access to custom interactive dashboards, providing 24/7 reporting on leads, showings, applications, pricing, and concessions. With tech at your fingertips, we prioritize transparency and faster, more informed decision-making.
We’re thrilled to launch leasing at Belfield, North Center’s newest high-quality residential community. As a standout addition to the neighborhood, Belfield sets a new benchmark for exceptional living, and we can’t wait to welcome residents home.
With a focus on superior craftsmanship and thoughtful design, Belfield redefines modern living. Our Marketing Team crafted a brand that speaks to those who appreciate both style and substance, ensuring Belfield stands out as a premier choice in new construction apartment living.
Belfield is preleasing for Summer 2025 move-ins.
In 2024, Cross Street experienced unprecedented growth, expanding our market presence, refining our operations, and delivering top-tier results across our portfolio. Our expertise, data-driven approach, and hands-on execution set us apart.
Looking ahead, 2025 will be a critical year in real estate. While Chicago is well positioned with a lack of supply, many loans will be maturing over the next 18–24 months, and it’s pivotal to capture all available opportunities while aligning decision-making with long-term project needs. As we navigate this evolving landscape, we remain committed to leveraging our deep market insights, innovative technology, and unwavering dedication to our partners to continue delivering exceptional results.
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