Jun 8, 2024 - News
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U.S. apartment conversion projects were up 17.6% in 2023 from the year before, per the RentCafe analysis.
Flashback: After stalling amid the 2008 recession, conversions 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 conversion projects.