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We’re proud to present our 2024 Mid-Year Market Report, offering a comprehensive analysis of the real estate trends shaping the first half of the year. Using a combination of public market data and our custom-built Business Intelligence tool, we’ve taken a close look at both macro and micro trends in the two cities where we operated in the first half of 2024: Denver and Chicago.
+ Condo Alternatives on the Rise
As high interest rates continue to discourage potential buyers, many are turning to rental properties as a long-term solution. This has created a large pool of renters, with demand shifting towards condo alternatives that offer a similar lifestyle without the commitment of ownership.
+ Chicago: Stabilized markets, premium rents
Chicago’s real estate market remains stable with limited inventory, creating favorable conditions for owners and developers alike. Cross Street’s Chicago portfolio is outperforming the local market, achieving an 8.5% year-over-year growth in rent increases—well above the city’s average.
+ Denver: Low absorption, slow rent growth
In Denver, the market is facing a different kind of challenge. With 17,500 new units expected to be delivered this year, the surge in development combined with a slowing population growth rate has led to absorption challenges across the city. While there is still a large pool of renters nationally, the rapid pace of new construction in Denver is testing the market’s ability to keep up.
For a deeper dive into these real estate trends and how they might impact your decisions, we encourage you to read our full report. You can also check out our video analysis below, where President Shane Rachman and VP of Sales Oren Pollack break down these findings and share their perspectives.
Cross Street President Shane Rachman and VP of Sales Oren Pollack discuss findings and takeaways from our 2024 Mid-year Market Report.
If you have any questions or would like to discuss how these real estate trends could affect your next steps, please don’t hesitate to reach out. Fill out our contact form, and one of our team members will be happy to connect with you.
At Cross Street, we’re committed to helping you navigate the real estate landscape—wherever you are on your journey.
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