Converted Apartments Are Up 25% from Pre-Pandemic Numbers

RentCafe’s Adaptive Reuse Report has revealed that adaptive projects are outpacing new apartment construction. Up 25% from pre-pandemic years, the jump includes roughly 28,000 new rentals delivered nationwide between 2020 and 2021. During the same period, new construction apartments grew 10%.

According to Yardi Matrix data, the 25% adaptive reuse growth is largely due to office-to-residential conversions as well as emerging niches like former health care and religious buildings.

“The residential market needs significantly more density in the areas of the largest cities, where the demand is greatest and where the tallest office buildings are located,” says Doug Ressler, manager of business intelligence at Yardi Matrix.

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