Jun 8, 2024 - News

Most-flipped building types

Axios Visuals: 2024-05-27-apartment-conversions
Data: RentCafe; Note: Includes buildings with at least 50 units; Chart: Simran Parwani/Axios

In 2023, U.S. apartment conversion projects were up 17.6% from the year before, per the RentCafe analysis.

Flashback: After stalling amid the 2008 recession, so-called adaptive reuse projects picked up in the 2010s, partly because of new financing incentives and the increasing need for affordable housing options, researchers say.

Between the lines: Businesses closing or downsizing during the pandemic also created many vacant commercial spaces, sparking a surge in adaptive reuse projects.

What's next: Around 150,000 apartment conversions are in development, with over one-third from former office spaces, RentCafe found.

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